Connect with us

Auto Insurance

How a Tax Refund Can Improve the Safety of Your Car

Automobile cockpit, various information monitors and head up displays. autonomous car, driverless car, driver assistance system, ACC(Adaptive Cruise Control), vector illustration

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.

Automobile cockpit, various information monitors and head up displays. autonomous car, driverless car, driver assistance system, ACC(Adaptive Cruise Control), vector illustration

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.

Advertisement. Scroll to continue reading.

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.

Lauren Wurth
Written By

Lauren Wurth is a content team member who is passionate about sharing engaging content! She has a history of writing content for retail, lifestyle, and entertainment verticals. Outside of work, she enjoys spending time with her family, stopping by Dunkin Donuts for a coffee, and exploring other parts of the world.

Advertisement

You May Also Like

Auto Insurance

Buying car insurance from a third-party provider is mandatory in most states but opting for a comprehensive car insurance policy that covers any damages...

Auto Insurance

Did you know that in 2021, the average cost of auto insurance that provides minimum coverage is about $565? The full coverage is about...

Auto Insurance

Insurance Benefits and Perks for Veterans Health Insurance The U.S. Department of Veterans Affairs, or VA, provides enrolled veterans with medical coverage to treat...

Auto Insurance

Easy Ways for Seniors to Save Money on Car Insurance Choosing the right car insurance policy can be challenging. There are many options, and...

Auto Insurance

Why Should You Avoid Minimum Coverage for Your Vehicle? The Long Run If you drive a car, you must maintain auto insurance. Even rental...

Auto Insurance

Should I Insure All of My Cars Under the Same Insurance Policy? Buying a car can be expensive; in fact, purchasing a vehicle is...

Auto Insurance

EVERYDAY SPENDING IS KEY Have you ever wondered about what the average American family household budget is? What do most families spend their monthly...

Auto Insurance

How Your Car Insurance Rate is Calculated Auto Insurance Rates Car insurance is calculated based on several factors, from your background (age, gender, marital...