Car Upkeep

I’m Miriam Neff, and I’m Valerie Neff Hogan, with Wise Women Managing Money.

M Does God have instructions for your car?  Val, talk to us about the costs of owning a car.

V You are required to have insurance coverage.  What determines that cost?  The year of the car, the type, your deductible and how much collision coverage you carry. Even your driving history and sometimes even your family members driving history.

You want to count the cost.  It’s not just price, or the monthly payment if you financed the car, its insurance, gas, maintenance, and upkeep.

Let’s talk deductibles.  Crash!  You file a claim for $1,000.  If you have a $200 deductible, you pay it, insurance pays $800.  Your monthly cost will be lower if you increase your deductible.