Smart Money Podcast: Health Insurance Deadlines and Getting the Best Car Insurance Rates

Liz Weston, Sean PylesJul 26, 2021

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Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions.

This week’s episode starts with a discussion about how to take advantage of the special health insurance enrollment period before it ends next month.

Then we pivot to this week’s question from Mya in Rhode Island:

I'm looking to buy a used car with a loan from my bank. Next on my agenda is to find car insurance. I'm a recent college graduate with my first job and no longer on my family plan. I am wondering how I can go about looking for car insurance and how to know what is a good deal. I know about the big insurance companies online, and I'm wondering what your thoughts and tips are on finding the best policy. Thank you.

Check out this episode on any of these platforms:

The special enrollment period for the Affordable Care Act exchanges is coming to an end on August 15. Before then, . Anyone who has received unemployment benefits this year is eligible for a zero-premium silver plan. And those with income levels 600% of the federal poverty level (up to $76,560 for a single person or $157,200 for a family of four) can qualify for subsidies.

And when , balance cost and coverage. Policies with lower monthly rates tend to have higher deductibles. But a higher monthly rate with a lower deductible can make fixing or replacing your car more affordable if it comes to that.

Know that rates can vary greatly from one company and one person to the next. Car insurance companies use proprietary formulas when determining what to charge you, though they tend to consider .

Price variations make shopping around for rates all the more important. The more quotes you get, the better your chances of finding the lowest price for the coverage you want. Consider from at least three insurers annually to ensure you’re still getting a competitive rate. Also, don't overlook smaller insurance companies.

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