What you will learn: Why you should never accept the first insurance quote, how to comparison shop without spending hours on hold, and the exact script to use when negotiating with your current provider.
I Called My Insurance Company and Saved $600
Insurance was one of those bills I paid without thinking. Every six months, the same amount came out of my account, and I never questioned it. It was insurance. You had to have it. The price was the price.
Then I spent two hours shopping for better rates and saved $600 per year. That is $50 a month I had been overpaying for no reason.
The Comparison Shop
I used a comparison website and got quotes from five companies. My current provider was charging $1,480/year for auto insurance. The cheapest quote was $980 from a different company. Same coverage, $500 less per year.
I also checked renters insurance. I was paying $180/year. I found a policy for $85/year. Another $95 saved.
Calling My Current Provider
Before switching, I called my current provider and told them I had a cheaper quote. I didn’t threaten or demand. I just said, “I received a quote for $980 and wanted to check if you can match it before I switch.”
The representative put me on hold for five minutes and came back with a new rate: $1,050. A $430 discount from my current rate. Not as low as the competitor, but close enough that I stayed. No paperwork, no switching hassles.
The Annual Review Habit
I now review my insurance rates once a year. It takes about an hour. In the past three years, I have saved over $1,800 by comparing quotes and negotiating with my provider. That is $1,800 for maybe four hours of total work. Best hourly rate I have ever earned.