Reader’s question:

I graduated from college last May, and no that I am out it is time to start repaying my loans. I was thinking about it, and with all of my new bills and stil not having a god job yet, I don’t think I can afford to pay for car insurance. I’ve never needed it before, except when getting my vehicle inspected, so will it be okay if I just cancel it for a bit while I get on my feet?

Marta

I’m glad you asked, Martha.

Since you are a recent college graduated, you may be able to take away the brunt of your car insurance premium by looking into discounts and seeing which kinds you qualify for and getting quotes from different car insurance companies. If you have a bachelor’s degree in a science or math field, there are a couple of companies out there that will give you discounts for this. Also, you should join an alumni organization because these sometimes offer you various ways to get deals and discounts.

Car insurance after graduating from college can be hard, I’m sure. The thing to think about, thogh, is that you can look forward to the future because you are only a couple years away, most likely, from getting the lower over the age of twenty five car insurance rates. In the meantime, though, your bills are overwhelming and the job market does not look welcoming. But in all this stress, I want you to sit back down and think for second. What would happen if you were to get into a car accident and not have car insurance, and you were the person that cause that car accident? You think you have debt now? What about when someone sues you for a hundred thousand dollars because they injured themselves in a car accident that you caused and you didn’t have the car insurance policy to provide for their needs?

What about if you get pulled over by a police officer and your license gets suspended for driving without insurance? In that case, you will not be able to make it to work or drive around looking for a better job. Whichever way you look at it, ducking under car insurance law is not a good financial decision. It would be better for you to just continue eating ramen until your situation improves, so that you can afford coverage.

Stil, do everything you can to get you rates down. Raise your deductible, get discounts, get safety features. Shop around for cheap online car insurance quotes. Do everything you can.

Cheers,

Fashun Guadarrama.