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The summer months are one of the most popular times to travel. Families with young children are often locked into summer travel due to school schedules. Even some adults have work schedules that make summer the most convenient time to travel. The upshot: Without proper planning, summer travel can be crowded, chaotic, and expensive.

While there isn’t a magic “best” time to book summer travel, there are a few things that can help ensure smooth sailing.

Things to Keep in Mind When Booking Summer Travel

For many top destinations, summertime is considered the peak season, when availability is at its lowest and prices are at their highest. If your timing is flexible, traveling during “shoulder” season (between peak and off-peak) can be easier.

You’ll also want to consider whether you’re willing to travel during special events or holidays like the 4th of July, Memorial Day, Labor Day, etc. Although it’s tempting to take advantage of a long holiday weekend, that’s what millions of other travelers will also be doing. You’ll find that it’s cheaper and less stressful traveling on a non-holiday weekend. And if you are traveling with pets, make sure your destination is pet-friendly and explore if there are any pet fees for where you are staying.

When to Book Flights for Summer

When to book flights depends on whether you’re looking to book domestic or international flights.

(One way families can afford to travel more is by choosing a closer destination where you can drive instead of fly.)

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Domestic Flights

For domestic summer travel, keep an eye on flights for several months before your planned trip. Many travel booking sites allow you to see historical prices for certain dates and routes. That can help you determine if the current price is higher or lower than average.

Before you book any flights, make sure you understand the change or cancellation policy for your ticket, and whether it’ll cost you to rebook.

International Flights

Booking international flights for summer travel can be tricky. Usually, you’ll want to book an international flight sooner than a similar domestic flight. If you wait until the last minute, you could see the price rise dramatically. Not having booked a flight may also cause problems with your visa, should one be required for the country you’re visiting.

Booking Hotels for Summer: Advance vs Last-Minute

Deciding whether to book your hotel for summer travel in advance or at the last minute depends on your personal preference. If you’re a planner, you may want to lock down your itinerary by booking your hotel early. However, you may be able to save money on hotels by waiting until closer to your travel dates.

You can try to capture the best of both worlds by booking early and then regularly monitoring your reservation. Many hotels allow free cancellations on reservations until only a few days before check-in. So you can reserve in advance, and then if the price goes down, just cancel your booking and book again at the lower price. Using credit card miles or cash back can be another way to save money on your hotel booking.

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How Far in Advance to Book Rental Cars for Summer

If you are renting a car for your summer travel, you can often use the same trick. It is common for many car rental places to offer the ability to book your rental car and pay at the counter. This form of book now pay later travel allows you to lock in a low rate for your rental car and then cancel and rebook if the price goes down afterward.

When to Book a Summer Cruise

Prices for cruises vary drastically based on a number of factors. The time of year, the cruise’s duration, your cabin choice, and how soon the cruise departs can all play a role in determining how much you’ll pay.

Prices for cruises may be low several months before departure and gradually rise, but it’s also common for cruise lines to offer “last-minute” specials to fill rooms that might otherwise go empty. If your life situation is such that you can decide to cruise at the drop of a hat, you may be able to pick up a cheap summer cruise.

Best Time to Book Tours, Sites, and Activities for Summer

It can be hard to book various activities for your trips until you have firm flights and hotels booked. But once you know for sure where you’ll be and when, you can start booking tours, events, and activities. It’s generally a good idea to book these sooner rather than later, since preferred dates and times can fill up fast. Keep your travel fund stocked, so you have enough money in your budget to do everything on your bucket list.

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The Takeaway

The summer months are some of the most popular times for travel, due to work and school schedules. But traveling to places everyone else wants to go when everyone else wants to go there will often lead to high prices and less availability. Being as flexible as you can with both your destination and travel dates can help.

Another good summer travel tip is to book cancellable reservations. Then you can regularly monitor prices and rebook if your plans change.

FAQ

When is the best time to book a trip?

Prices and availability vary based on the destination and season. Your best bet is likely to book as early as you can to ensure you get the flight, hotel, and activities you want. If prices come down, you can always cancel and rebook. Just make sure you understand the change/cancellation policies.

What is the cheapest month to travel in the summer?

If your heart is set on a summer vacation but your budget is tight, you’ll get more for your money by traveling during the “shoulder season” — in early or late summer. Travel in September can be especially nice, because the crowds have dispersed and the weather is still summery (but no longer sweltering). If you’re heading to a summer resort town, just make sure that your favorite haunts — restaurants, activities, etc — don’t shut down after Labor Day weekend.

When is the best time to buy airline tickets to Europe 2023?

If you’re flying from North America, book your European airline tickets as early as possible. More people are expected to travel in 2023 than in previous years. That means flights may book up more quickly, and prices rise. Unlike with domestic travel, you likely won’t find many last minute deals to Europe.

Photo credit: iStock/gradyreese

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Have you ever wondered how much it costs to raise a child from birth to 18?

Are you sitting down?

Based on consumer surveys and other data, most estimates these days put the price of parenting just one child at $300,000 or more.

Your costs may vary significantly, of course, depending on where you live, your income, your marital status, and other factors. But it’s probably safe to say that raising a child to college age — and beyond — can deal a real wallop to the budget.

Read on for a breakdown of some of the costs prospective parents can expect.

How Much is the Cost of Raising a Child?

It’s hard to find an “official” calculation for the cost of raising a child.

For many years, parents and prospective parents could get an idea of the costs they faced from the Expenditures on Children by Families report published annually by the U.S. Department of Agriculture. But the USDA stopped updating the report in 2017, so the most recent information is for a child born in 2015.

Back then, the USDA estimated the cost of raising the younger of two children in a middle-income home with married parents would be approximately $233,610 in 2015 dollars.

Today, that number is a bit higher. A 2022 analysis conducted by the Brookings Institution found that parents can expect to spend at least $310,000 raising a child who was born in 2015. That’s for food, shelter, and other necessities, but not college, which for most students starts at age 18 or older.

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What Are Some Average Costs for Raising a Child to 18?

In 2015, the USDA divided the major infant-through-high-school expenses into the following categories:

•   Housing 29% of income

•   Food 18% of income

•   Child care and education 16% of income

•   Transportation 15% of income

•   Health care 9% of income

•   Miscellaneous 7% of income

•   Clothing 6% of income

But remember, those are the USDA’s numbers for one child in an average household with two kids, and those percentages have likely shifted in the past few years. You might end up with a similar allocation, or, based on your own circumstances and priorities, one that’s far different.

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Factors That Can Influence the Cost of Raising a Child in 2023

How much you pay to raise your family may be largely influenced by where you decide to live. In 2022, a mortgage payment was 31% of the typical American household’s income, based on data gathered by Black Knight. But that percentage may look different if you reside in a city or town where housing costs are much cheaper or far more expensive than average.

Child-care costs may vary widely as well, depending on the age of your child and the type of care you choose. Unless you can get Nana and Grandpa involved, be prepared for a hefty bill: 51% of parents who responded to Care.com’s 2022 Cost of Care Survey said they spent more than 20% of their household income on child care every year.

And those costs may not go down when a child reaches school age if he or she attends private school. According to the Education Data Initiative, the average annual tuition among the nation’s 22,440 private K-12 schools was $12,350 in 2021.

Your miscellaneous costs may also be different if your child is involved in sports or other activities that require expensive equipment, camps, or lessons.

Add to that potential healthcare costs, which could depend on the type of insurance you have and your child’s individual needs.

How to Budget for Baby

Considering all the costs involved, it may make sense to start transitioning your budget long before a baby actually arrives. Here are some things to consider if you decide to adjust your household budget categories to fit your growing family:

Stick to Your Savings Goals

You’ve probably heard it a thousand times: A baby will change your life — and your priorities. Still, your own financial security can help determine your child’s future, so it can help to stick with your savings goals, like building an emergency fund (you may need that money more than ever once you have a child), putting money away for a mortgage down payment, and investing for retirement. Then, if you still have room in your budget, you might consider including a 529 education savings account or some other type of investment plan for your child.

Pay Down Debt

The last thing you’ll want to worry about when you have a new baby is old debt. Paying interest on credit cards and other debt can eat away at any extra money you’re hoping to save for or spend on your child. A debt reduction plan like the popular snowball and avalanche strategies can help you focus on methodically dumping your debt and getting it done ASAP.

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Be Ready for First-Born Expenses

Just having a baby can be expensive. In 2022, the Peterson-KFF Health System Tracker estimated that the health costs associated with pregnancy, childbirth, and postpartum care for women enrolled in large group insurance plans came to almost $19,000 on average, and average out-of-pocket payments were almost $3,000. Then there’s the crib, car seat, clothes, formula, diapers, and other things you’ll need when you bring your baby home.

If you can adjust your budget to get ready for those upfront and monthly costs, you may have a better shot at keeping up with expected and unexpected bills later on.

Preparing for Changing Costs

Your budget is bound to evolve as your child gets older. The money you spend on diapers and formula in the first years will go toward buying new shoes, clothes, toys, team uniforms, and other expenses later on. (Maybe buying a car? Putting multiple kids through college? Paying for a wedding? Who knows?)

The good news is, these days, you can use a spending app to track exactly where your money is going and decide where you want it to go. So if your kiddo comes home from school one day and wants to switch from playing soccer to playing the piano, you can quickly rework your budget categories and see where you stand.

Can You Afford to Be a Parent?

Of course your beautiful baby will be worth every penny of the $300,000 (give or take) you’ll be spending over the next 18 years. Still, you may want to keep your financial readiness in mind as you think about when to have a baby.

Besides the basic costs, raising a child also can affect your finances if you decide to do in vitro fertilization (IVF), take an unpaid maternity leave, buy a more “reliable” car or a bigger home, or go part-time at work so you can be home after school.

Any planning you can do in advance and as you go to minimize the financial blow can benefit you and your child. (Not to mention the example it will set down the road, when you’re teaching your child about money management.)

Potential Opportunities to Save

Figuring out how to save money while raising kids isn’t easy. But there are some spending categories over which you can have some control, including:

Purchase Goods Secondhand

Kids grow out of everything so quickly. Borrowing some items from friends and family, or buying things secondhand, could be a big money-saver. If your sister wants to lend you her perfectly good (and safe) crib or car seat, let her! And don’t underestimate the quality and cuteness of the clothes you can find for little ones at yard sales, consignment shops, or online. There also may be bargains to be had when shopping for secondhand sports equipment and musical instruments.

Get Help with Child Care

There may be several ways you can save on child-care costs, including forming a co-op with other parents and taking turns watching each other’s children, or asking nearby family members to help out on a full- or part-time basis.

Embrace Meal Planning

When your kids get older, it may be tempting to stop for fast food on busy nights, especially if you don’t have any idea what you’re going to serve for dinner. By planning ahead, you may be able to reduce your grocery costs, the number of trips to the grocery store, and unplanned visits to the closest hamburger joint.

Cut Household Expenses

While you’re adjusting your budget for baby, think about little things you can do to cut down on spending and expenses. Could you adjust your thermostat to save a few bucks every winter and summer? Will you have time to watch all those cable channels and streaming services with a child in the house? Or can you clean the pool yourself, cut the grass, or wash your own car?

Find Free and Cheap Family Activities

Every activity you plan for your child doesn’t have to come with a big price tag. Going around the block with your kid in a stroller, wagon, or on the back of a bike can be the best kind of free fun. Want to see a movie? Check out the price of a matinee or other discounted screenings. Or buy a bottle of bubbles or a small swimming pool for a good time in the backyard.

The Takeaway

At $310,000, the estimated cost of raising a child from birth to 18 may be daunting. But if you plan in advance for those first major costs — and adjust your budget for changing priorities as your child grows — it may be easier to manage your finances during this exciting, expensive time in your life.

Using a money tracker app can be a good place to start. SoFi lets you know right where you stand, including what you spend and how to reach your financial goals.

FAQ

How much does it cost to raise a child in 2023?

Parents could expect to spend around $310,000 or more raising a child who was born in 2015, according to a 2022 analysis conducted by the Brookings Institution. Note that the cost of raising a child can vary significantly depending on where you live, your household income, your child’s health, and other factors — including if you’ll be paying for college, a wedding, or other big-ticket items.

How much do you spend on a child before they turn 18?

The cost of raising a child can vary from one household to the next, based on many factors. But it’s been estimated that the bill for an average U.S. family raising a child to 18 (without college) could be $310,000 or more.

How much money should you save for a baby?

The more you can put away before you have a baby, the better prepared you can be. Some things to focus on might include setting up or adding to your emergency fund, continuing to make contributions to your retirement plan, and, if you hope to move to a bigger home, coming up with the necessary down payment.

Photo credit: iStock/JohnnyGreig

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.


Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Long-term personal loans can be an attractive option if you’re facing large expenses like medical bills or home repairs. By spreading out repayment over a longer period of time, long-term loans may allow for lower monthly payment amounts that can make major costs more affordable.

However, long-term loans can have drawbacks, too. They may have higher cumulative interest than short-term loans and can be difficult to qualify for since they’re often unsecured.

Here’s what you need to know if you’re deciding whether or not a long-term, unsecured personal loan is right for you:

What Is a Long-Term Loan?

As its name suggests, a long-term loan is one whose repayment period, or term, is fairly lengthy. Generally, long-term personal loans carry terms between 60 and 84 months, or five to seven years.

Mortgages and private student loans are also examples of long-term loans. Mortgages, for instance, are frequently repaid over as many as 30 years.

For the purposes of this article, we’re talking about long-term, unsecured personal loans, which borrowers can use for a variety of things. These loans can allow consumers to make big purchases or pay expensive bills by paying the total off over several years’ time.


💡 Quick Tip: A low-interest personal loan from SoFi can help you consolidate your debts, lower your monthly payments, and get you out of debt sooner.

Benefits of Long-Term Personal Loans

There are plenty of reasons why a long-term loan might be a worthy consideration for large expenses.

Large Loan Amounts

While short-term loans and credit cards may cap out at a few thousand dollars, long-term, unsecured personal loans are available at much higher amounts — up to as much as $100,000.

So depending on what you need the money for, a long-term personal loan might give you more leverage than other types of funding.

Affordable Monthly Payments

Since long-term personal loans are paid off over many months, the monthly payments are often lower than they would be with a shorter-term loan.

However, that doesn’t mean a long-term loan is less expensive in the long run.

Flexibility

Unlike secured loans, which are tied to a physical piece of collateral or the need to be used for a specified purpose, unsecured personal loans can be taken out for a wide range of intended purposes. Common reasons borrowers take out personal loans include:

• Home renovations or repairs.

• Medical expenses.

• Wedding loans or funeral expenses.

• Debt consolidation.

Affordable Monthly Payments

Since long-term personal loans are paid off over many months, the monthly payments are often lower than they would be with a shorter-term loan.

However, that doesn’t mean a long-term loan is less expensive in the long run.

Drawbacks of Long-Term Personal Loans

There are also some drawbacks worth considering before you apply for an unsecured personal loan.

Potentially Higher Interest Rates

Although long-term, unsecured personal loans may have smaller monthly payments, they may carry higher interest rates than shorter-term, unsecured personal loans. And even at the same interest rate, they cost more over time.

Personal loan interest rates can range from as little as 6.99% to as much as 35.99% APR.

For example, imagine you take out a $10,000 loan at an interest rate of 10%. To repay the loan in a single year, you’d have to pay a whopping $879 per month, but you’d only pay a total of $550 in interest over the lifetime of the loan.

To repay the loan in seven years, you’d pay only $166 per month, but you’d also pay $3,945 in interest along the way.

So while long-term, unsecured personal loans can make large purchases feasible, factoring in the total cost over the lifetime of the loan before you sign those papers is also important.

Long-Term Debt

Along with higher interest rates, long-term loans do, obviously, mean going into debt for a longer period of time — unless you plan to pay off your loan early. A thorough review of the loan agreement will disclose prepayment penalties or other fees that can be costly in their own right.

Furthermore, the future is unpredictable. Five to seven years down the line, that promotion you were counting on might fall through or another life circumstance might supersede your repayment plans.

If you find yourself in a situation where you need to borrow more cash, it can be difficult to increase your personal loan amount.

Although unsecured personal loans can be helpful when life throws big expenses your way, they’re still a form of consumer debt, and, ideally, minimizing debt is a smart thing to do.

Qualification Difficulties

Long-term, unsecured personal loans may have more stringent qualification requirements than other types of credit. That’s because, from the lender’s perspective, they’re riskier than loans for smaller amounts or those that come attached to physical collateral.

Along with your credit score and history, a potential lender might also require proof of income and employment or a certain debt-to-income ratio. Depending on the stability of your financial situation, you may or may not qualify for the best interest rates and terms or be considered eligible to take out the loan at all, at least without a cosigner or co-borrower.


💡 Quick Tip: Generally, the larger the personal loan, the bigger the risk for the lender — and the higher the interest rate. So one way to lower your interest rate is to try downsizing your loan amount.

Alternatives to Long-Term Loans

Ideally, the best way to pay for a large purchase is to save up the cash and pay for it without going into debt at all. Of course, this may not always be possible or realistic.

If you’re not sure about taking out a long-term, unsecured personal loan, there are other alternatives to consider. However, each of these comes with its own risk-to-reward ratio as well.

You might consider borrowing money from friends and family, but those important relationships can suffer if your repayment doesn’t go as planned. A written repayment agreement can go a long way toward making the transaction as transparent as possible, with expectations of both parties clearly outlined.

Another option might be saving part of the money you need and applying for a short-term, unsecured personal loan for the remainder. This means delaying a purchase until savings can accumulate, and might not work if the money is needed sooner rather than later.

The Takeaway

Long-term loans are those whose repayment periods generally span between five and seven years, which can help borrowers fund expensive purchases while making affordable monthly payments.

However, the longer-term can also mean more interest charges over time, making these unsecured personal loans more expensive relative to shorter-term lending options. And like any form of consumer debt, they carry risk.

Your credit score and/or financial situation can suffer if you find yourself unable to repay the personal loan.

That said, when used responsibly, long-term, unsecured personal loans can be a smart financial choice, particularly if you shop around for a lender who offers affordable, fixed interest rates, low fees, and great customer service to ensure you’ll always be in the know and in control.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

Photo credit: iStock/Melpomenem

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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

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Changing your windshield wipers helps keep you and others safe in low-visibility conditions, from rain and snow to dust and mud. It can also save you money on a service-station visit.

We’ll walk you through how and when to change your windshield wipers, and the types of wipers that are standard on older and newer cars.

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Can Anyone Replace Windshield Wipers?

Changing your windshield wipers may be one of the easiest DIY car-maintenance tasks. All you need is a needle-nose pliers and an old towel to protect the windshield. And wiper blades can be pretty inexpensive — as little as $12 per set.

Types of Wiper Blades

There are three main types of wiper blades to choose from, each with a different price point.

Standard

The most common type of wiper blades is the standard, where a rubber squeegee is held by a metal frame. The frame pivots to keep the squeegee angled properly against the windshield. You’ll find affordable standard wipers on most older cars.

Beam

The newer beam design features a solid piece of rubber serving as frame and squeegee. Instead of pivoting, the wiper is curved to maintain contact with the windshield. Without a metal frame, this wiper is less likely to get clogged with leaves or ice.

Beam wipers are more efficient and last longer. However, they’re also more expensive. Luxury vehicles tend to feature beam-style wipers because they’re seen as more sleek and modern.

Hybrid

This style of wiper has nothing to do with hybrid cars. The hybrid wiper has a metal frame, like the standard, but an updated blade design that’s more efficient. These wipers are priced between the low-cost standard and the higher-cost beam.

While some drivers may choose their wipers based on how much their car is worth (cheap car = cheap wipers), remember that safety is the most important factor.

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Getting Ready To Change Wiper Blades

The prep work is pretty simple, but we’ll break it down anyway.

If this type of project is up your alley, check out other ways to save on car maintenance.

Know Which Part of the Blade To Change

Standard windshield wipers contain three main parts: a lower wiper arm, a blade that connects to the arm, and a rubber liner that wipes off your windshield. It’s the rubber refill that typically needs to be changed. Beam-style wipers have only two parts: the arm and the rubber blade.

Measure the Blade You Have

Measure both of your wiper blades — the driver’s side and the passenger’s side may not be the same length.

Buy Replacement Blades

Many auto-parts store websites feature parts-finder tools that allow you to match the type of wiper to your make and model of car. At the auto-parts store, measure the replacements to make sure you’re getting the exact same size as what you currently have.

By the way, windshield wiper replacements aren’t covered by car insurance, nor do they count toward your insurance deductible.

Recommended: How To Lower Your Car Insurance

Installing New Wiper Blades

All it takes is three steps to remove the old wipers and insert the new ones.

Unhook the Old Wiper Blade

For standard wipers, gently pull the arm of the wiper away from the windshield glass. You may want to place a folded towel against the glass just in case you accidentally let the wiper go. Flip the rubber blade so it goes bottoms-up. Find the retaining clips near the end of the blade. Use pliers to pinch them together so you can slide out the blade.

Another style of connector is the J-hook, named for the J shape at the end of the blade. J-hooks have a tab that must be lifted or pushed to release the blade. Once released, pull the wiper down toward the base to remove it.

Insert the New Wiper

Slide the replacement blade into the same place where you just removed the old one. Make sure that the replacement blade is between the clips so they won’t scratch your windshield. Then make sure that the last clip clicks into place. Gently turn the arm back to its normal position, and release the arm of the blade.

Make sure to test your blades while parked. You don’t want an improperly attached blade flying off on a rainy day!

When To Change Wipers

There are a few reasons you might want to replace your windshield wipers. Consider keeping a pair of replacement blades in your trunk or garage so that you have them when you need them.

It’s recommended that you change both wipers at the same time, even if only one is giving you trouble. Now is a good time to check your wiper fluid as well.

How Often To Change Wipers

Experts recommend changing wiper blades every year. But it depends on what type you have and how hard they have to work. Inexpensive standard wipers should be replaced every six months. Beam-style blades last twice as long.

In regions with long, icy winters and/or dry, dusty summers, you may need to replace your blades more frequently. In balmier climates, every two years might be sufficient. To be on the safe side, you can proactively change them at predetermined intervals — possibly at the same time as your personal insurance planning check-in.

Cracked Wipers

Periodically check the wipers for cracks or tears, even if you haven’t noticed any problems. Also check to see if any small chunks are missing. You don’t want to wait till you’re driving in the rain to discover a problem.

Wipers Leaving Streaks

If your blades leave streaks, this likely means that they’ve outlived their useful life. If in doubt, change your blades.

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The Takeaway

Changing out windshield wipers is an easy maintenance task that anyone can handle. However, some auto-parts stores will install wipers for free with their purchase. Older cars tend to feature standard wipers, which have a metal frame holding a rubber blade. Newer cars commonly have one-piece, “beam-style” wipers. Beam wipers are more efficient and last longer, but are also more expensive. Standard wipers are less expensive but don’t last as long. It’s a good idea to change your wipers every six to 12 months — more if you live in an area with extreme winters.

Here’s another way to protect yourself behind the wheel: getting the right auto insurance. SoFi has partnered with Experian to use a blend of technology and human interaction to provide you with multiple insurance quotes from top insurers in just minutes.

FAQ

Can you replace a windshield wiper yourself?

This is one of the easiest car maintenance tasks, so yes. You can replace them yourself with just a pair of needle-nose pliers and a towel to protect your windshield.

Is it cheaper to replace windshield wipers yourself?

It can be. If you buy windshield blades online, they can be as low as $12-16 per set. In an auto-parts store, they can go for $23-38 per set or more — though some stores will install them for you free.

Is it easy to install wiper blades?

Fortunately, there are just a couple of simple steps involved to remove the blades and put new ones on. Although everyone defines “easy” differently, this is one of the more straightforward car maintenance tasks.

Photo credit: iStock/hxyume

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SoFi Insurance Agency, LLC. (“”SoFi””) is compensated by Experian for each customer who purchases a policy through the SoFi-Experian partnership.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Many drivers choose liability-only car insurance to save money. The average annual premium is $1,070, according to the Insurance Information Institute. However, this type of coverage is not a good fit for everyone.

We’ll discuss exactly what liability-only insurance is, what it covers, and whether it’s the right choice for your needs.

What Is Liability Car Insurance?

Liability-only car insurance is a type of policy that provides the minimum protection that’s legally required by your state. More specifically, it covers the cost of bodily injury and property damage for other drivers and vehicles, up to a set limit, if you’re found at fault in a car accident. A liability-only policy is usually the most affordable car insurance you can get.

What Does Liability Car Insurance Cover?

There are two kinds of protection for liability-only car insurance: property damage and bodily injury coverage:

•   Property damage: Pays for others’ medical bills, lost wages, and expenses due to pain and suffering if the policyholder is found at fault. It can also cover legal bills if you’re sued over the accident, also up to the policy limit. (Find out how much car insurance goes up after an accident.)

•   Bodily injury: Pays for damages to another person’s vehicle and property if the policyholder is found at fault.

How Does Liability Car Insurance Work?

Liability car insurance will pay up to a certain dollar limit. If damages or bills exceed that limit, you’re responsible for the remainder. While it’ll cover things like medical bills and car repairs for others, this type of policy won’t pay for repairs to your own vehicle or your medical bills.

Recommended: Insurance Tips for First-Time Drivers

Liability Car Insurance Coverage Requirements by State

Most states require car insurance, though the minimum coverage requirements vary. See below for a state by state breakdown.

Data courtesy of the Insurance Information Institute

How Much Is Liability Only Car Insurance by State

Data courtesy of the Insurance Information Institute

Liability Car Insurance vs Full Coverage

How much auto insurance you need depends partly on whether you can afford to repair or replace your car. Full coverage will pay for your car repairs and medical bills after an accident, no matter who is at fault.

It also covers repairs or replacement of your vehicle for covered “perils” (an auto insurance term) like theft, fire, flood, collisions with animals, vandalism, and falling objects. Because of the additional features, full coverage car insurance tends to cost much more than liability insurance.

When To Drop Comprehensive and Collision Coverage

Because your insurance needs change over time, it makes sense to reevaluate those needs on a regular basis with a personal insurance planning session. In some cases, you may find that it makes sense to drop comprehensive and collision coverage:

•   You’re not currently driving your vehicle: If your car is parked in a garage or at home and you don’t intend to drive it, comprehensive coverage doesn’t make sense. However, you may want to keep collision coverage because it protects against perils such as theft, fire, and vandalism.

•   Your car has a low market value: If your car is worth less than a few thousand dollars, getting pricey repairs — after you pay your deductible — may not be worth it. (Learn about the different types of insurance deductibles.)

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How To Shop for Liability-Only Car Insurance

The first step in getting car insurance is determining how much you need. You must purchase the minimum coverage required by your state. If you want more financial protection — especially if you’re worried about medical bills and car repairs for expensive vehicles — then consider a higher coverage limit to give you more peace of mind.

Then it’s time to shop around on online insurance sites to get a sense of the going rates. Factors to look for include what is a covered peril and the insurer’s customer reviews.

The Takeaway

Liability-only car insurance is best suited for drivers with low-value vehicles who want to save money. Keep in mind that liability policies don’t cover your own medical bills or vehicle after an accident. If you want this protection, you may be better off paying more and purchasing full coverage.

Shopping around is the best way to find a policy that suits your needs. SoFi makes it easy by helping you compare rates from top insurers in just minutes.

FAQ

Do I need liability insurance when renting a car?

You don’t need to have your own auto insurance policy when renting a car, as rental car companies typically have their own coverage. However, you can purchase collision or comprehensive insurance while renting a vehicle if you want additional coverage.

At what point is full coverage not worth it?

Full coverage auto insurance typically is not worth it if your vehicle has a low value or you don’t intend to drive your vehicle for a long period.

When should I go from full coverage to liability?

Going from full coverage to liability requires careful consideration. In most cases, if your vehicle is worth less than what your deductible will cost, it might be time to drop down to liability coverage.

Photo credit: iStock/Antonio_Diaz

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