This Week’s Money Map:

• 🚗 Slash your car insurance by up to 40%

• 🛟 Business or a side gig? You probably need this insurance

• 💰 Summer bank bonuses up to $3,000

• 😵 MG Book Club: Why inheritance is the worst gift you can give

🚗 Drive smart, save big: How to slash your car insurance by up to 40%

What if you could knock hundreds off your car insurance each year just by driving like a responsible adult? No gimmicks, no switching providers, and no need to call anyone. It’s called usage-based insurance (UBI).

We’ve already talked about the cost-saving benefits of UBI in previous newsletters. Now let’s explore which companies are offering the biggest rewards.

Nationwide SmartRide®: Save up to 40%
Nationwide offers an instant 10% discount just for signing up. From there, safe driving behaviors like avoiding sudden stops, limiting nighttime drives, and keeping mileage low can lead to discounts of up to 40%.

SmartRide uses either an app or a plug-in device and runs for about four to six months. The final discount you earn stays for the life of your policy.

Liberty Mutual RightTrack®: Save up to 30%
RightTrack uses a mobile app or device to track your driving for 90 days. It monitors acceleration, braking, mileage, and nighttime driving.

You’ll get a custom discount between 5% and 30% based on your driving. And like Nationwide, the discount is permanent for your policy — no surprises at renewal.

State Farm Drive Safe & Save™: Save up to 30%
Drive Safe & Save syncs with a smartphone app. It monitors speed, braking, phone usage, and more. You'll get a discount just for enrolling, and responsible drivers can save up to 30% per renewal. Best of all, poor driving won't increase your rates under this program.

Progressive Snapshot®: Save up to 20%
Snapshot is Progressive’s usage-based program that tracks your driving habits through a mobile app or plug-in device. It looks at things like sudden braking, acceleration, phone use, and how often you drive.

You’ll get an initial discount just for signing up, and safe drivers can earn up to 20% off. A word of caution: Progressive may increase your rate based on risky driving, so this one’s best if you’re confident in your habits.

GEICO DriveEasy: Save up to 25%
DriveEasy uses a mobile app to track how, when, and how much you drive. GEICO rewards good driving with discounts up to 25%, but it also factors in phone distraction, so hands-free driving is key. Unlike some programs, GEICO may use risky behavior to increase your rate, so review their terms and be sure you're up for the challenge.

Driving safely doesn’t just protect you on the road, it can protect your wallet, too. By enrolling in a safe-driving discount program, you're giving insurers real-time proof that you’re low-risk. And with little to no cost for signing up, it’s one of the easiest ways to cut your car insurance bill, often by hundreds of dollars per year.

Ready to stop overpaying? Use this car insurance calculator to estimate your auto insurance rates instantly and get personalized quotes.

🛟 Do you have a business or side gig? You probably need this insurance

Think business insurance is only for brick-and-mortar shops with logos and payrolls? Think again. If you freelance, consult, side hustle, or sell services online, congrats! You're a business owner. Unfortunately, that means you're exposed to hidden risks. Here’s a quick breakdown of small business insurance must-haves:

General liability insurance
Foundational for most small businesses and freelancers. It covers lawsuits over property damage, bodily injury, and personal harm. It’s beneficial for freelancers meeting clients in person, creators shipping physical products, and service providers of all stripes.

Professional liability (aka errors and omissions)
Think missed deadlines, mistakes, or even copyright issues. Did your advice cause a client to lose money? This covers legal costs if you’re accused of a mistake, even if you did everything right. This is a must for consultants, designers, marketers, developers, and coaches.

Cyber liability insurance
Got client data on your laptop? Send invoices over email? A single breach could be devastating. This is for anyone who works online (so … everyone).

Commercial property coverage
Do you own equipment, inventory, or a workspace? Your gear isn’t covered under renters or homeowners insurance if you use it for work. This is valuable insurance for photographers, videographers, artists, or anyone with expensive equipment.

Workers’ compensation
Required if you have employees (and sometimes even if you’re a solo proprietor in certain fields). It covers medical bills and lost wages from work injuries.

Pro tip: Consider getting a Business Owner’s Policy (BOP) — a convenient bundle that combines general liability and property insurance — often at a discount.

Business insurance isn’t just for big corporations, it’s also for smart independents. Even a “tiny business” needs real protection. Want to know more? Check out our guide on how to buy business insurance.

💰 Here’s how you can get up to $3,000 in bank bonuses this summer

Between travel plans, back-to-school prep, and rising costs, summer can be an expensive season. A new checking account bonus can give your budget some breathing room, especially if you're planning to set up direct deposit for a side gig or seasonal income. Here are our top picks for the best checking account bonuses this summer.

BMO Bank: $400 Bonus
BMO offers one of the more straightforward deals this summer. Open a Smart Advantage or Smart Money checking account and set up $4,000 in direct deposits within 90 days to receive a $400 bonus. There are no monthly fees with Smart Advantage if you enroll in paperless statements.

Wells Fargo: $325 Bonus
With just $1,000 in direct deposits within 90 days, you can earn a $325 bonus when you open a new Everyday Checking account. A low opening deposit of $25 makes this accessible to most households.

TD Bank: Up to $300 Bonus
Open a TD Beyond Checking account for a $300 bonus with $2,500 in direct deposits within 60 days — or opt for the TD Complete Checking for a $200 bonus with just $500 in deposits.

Capital One 360 Checking: $250 Bonus
One of the most user-friendly options: no monthly fees, no minimum balance, and a solid $250 bonus for setting up two $500+ direct deposits within 75 days. Use promo code CHECKING250 when applying.

Bank of America: $300 Bonus
Open any eligible Advantage Banking account and set up $2,000 in direct deposits within 90 days. This bonus is a good fit if you already bank with BofA or plan to take advantage of its rewards ecosystem.

Associated Bank: Up to $600 Bonus
Your bonus depends on your average balance after depositing at least $500 within 90 days. Keep over $10,000 in the account and you could earn the full $600.

Chase Private Client: Up to $3,000 Bonus
If you have serious savings, this is the big one. Transfer $150,000 or more to a Chase Private Client account and hold it for 90 days to earn up to $3,000. Best suited for high-net-worth individuals or those consolidating large investments.

Bank account bonuses can be a smart way to earn hundreds for things you already do, like getting paid via direct deposit. But to truly benefit, make sure you meet the terms and avoid unnecessary fees. And remember, most of these are one-time offers, so treat them as a bonus, not a long-term banking solution.

😵 MG Book Club: Why inheritance is the worst gift you can give

We’re continuing our deep dive into Die With Zero by Bill Perkins, a powerful rethink of how we spend, save, and share our money across a lifetime. This week, Perkins takes aim at another sacred financial cow: traditional inheritance.

Traditional inheritance is deeply inefficient. As Perkins notes, most people receive inheritances in their 60s, long past when the money would have maximum impact. By then, major life expenses like home purchases, childcare, and education are likely behind you. Money that would be transformative at 35 becomes merely nice to have at 65.

Instead of the traditional method, Perkins advocates for giving money when your children actually need it:

• Ages 26–35: When they're establishing careers and buying first homes

• Ages 35–45: When childcare and housing costs peak

• Ages 45–55: When college tuition hits

For example, a $50,000 gift at 30 for a home down payment creates decades of equity growth. The same $50,000 inherited at 65 might fund a nice vacation.

Beyond money, gifting experiences while you're alive creates shared memories. An inheritance check when you're gone creates only gratitude, and you won't be there to receive it.

Current gift tax exemptions are generous ($17,000 per person annually), so most people never hit these limits.

Action step: Map your children's major upcoming expenses over the next 20 years. Identify when financial help would have maximum impact and consider starting with one meaningful gift this year.

Next week, we’ll discuss the retirement spending paradox nobody talks about.

Smart Cents gives you actionable tips and mindset shifts to help you reach your financial happy place. Thanks for being a part of our community.

The MoneyGeek Team

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