Use Your Tax Refund to Improve Your Car Safety
2020 has been a year of many changes and adjustments, and tax season is just another one. The usual April deadline for federal and most states’ taxes has been extended to July 15th this year because of the ongoing COVID-19 crisis. While some people may have already filed their taxes, others are still waiting for the financial boost that a tax refund can represent.
Some people like to save their tax refunds while others like to put that money towards a fun purchase for themselves or their families. This year, many people are choosing to reinvest that money to meet these changing circumstances. As lockdown restrictions ease, many people are dusting off their cars and getting ready to hit the road again.
Simple Steps to Improve Car Safety
Using your tax refund to boost your car’s safety is an often overlooked use of these funds. A tax refund can help you fix smaller mechanical issues, pay for an oil change or a set of new tires, or be used to revamp your insurance policy to fit your needs better. Here are a few simple ways to use your tax refund to improve the safety of your car:
Fix mechanical issues
Do you have an engine light that won’t turn off? Haven’t changed the oil lately? Tires looking a little bare? All of these issues are small enough to put them off, especially if we’re saving our money for other things. Use your tax refund to fix what is needed on your car before it becomes an even bigger problem.
Rethink your car insurance policy
Many car insurance companies have offered premium rebates during the COVID-19 crisis as people are driving less. The risk of accidents on the road has decreased due to the number of people who are staying at home. This is a great time to take advantage of these savings by renegotiating your car insurance rates or by researching other car insurance options that might be a better fit.
Install anti-theft technology
One of the factors that auto insurance companies take into consideration when calculating car insurance rates is how easy your vehicle is to steal. Car owners can invest in alarm devices, dash cams, GPS trackers, and other safe driving devices that could reduce insurance rates.
Protect your car’s exterior
How your car looks is essential. Your tax refund could be used to purchase a cover for your vehicle to help protect it from the outside elements, in addition to deterring vandalism. If you have space inside your garage or another shelter, this could also be a great time to declutter and make room for your vehicle in a safe, indoor location.
Keep Your Vehicle Safe With Car Insurance
One of the best ways to invest in your vehicle is by purchasing car insurance. The right policy can bring you financial peace of mind when it comes to your car. To learn more about tax refunds and automobile safety, contact the experts at Your Money Magic at Yourmoneymagic. Our licensed professionals will be happy to answer any questions you have.