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Every so often (usually when my insurance rate goes up about $50 or more for a 6-month period), I’ll compare my auto (and homeowners) insurance rate to that of other companies to see if I’m getting the best deal. How do I do it?
- Go directly to the insurer’s website to get a quote (or call an agent). It’s best to have your current policy information so that you get a quote on the exact same collision and comprehensive coverage that you currently have (so you can compare apples to apples). Some of these sites include Allstate, State Farm, Liberty Mutual, Farmer’s Insurance, Progressive, and Geico.
- Earn UPromise money and get a Liberty Mutual quote. If you call 1-888-717-5644 and mention Upromise, you will get $5.00 in your UPromise account (whether you switch or not). You can also earn $2.00 in Upromise money by requesting an auto quote from Insurance.com through Upromise. Sign into your account, click on Earn Rewards, then Auto, and scroll through the Auto Partners until you find Insurance.com. If you’re not a UPromise member, click here to sign up (it’s free) or for more info, click here.
- Shop through a website that gives rates for several insurance companies like Insure.com or Netquote.
Other general tips for reducing insurance costs:
- Consider increasing your deductible amount. You want to make sure that you have money to cover the deductible in your emergency savings fund.
- Ask about any membership or alumni discounts. For example, I have a discount through Liberty Mutual through my university.
- Consider covering your auto and home under the same company to get multiple policy discounts. For example, my homeowner’s insurance is higher with Liberty than with my previous company, but I switched, because the total package was less expensive with both auto and home.
- Pay for your entire premium in one payment. If you make monthly payments, you are usually charged a service fee each month. Although it’s only a couple of dollars, those couple of dollars add up fast. Instead, set money aside each month, so that you have the money ready when your premium is due.
How do you save money on auto and homeowner’s/renter’s insurance? For more ideas that work for others, visit Rocks in my Dryer.
Photo courtesy of clix at stock.xchng.
{ 5 comments… read them below or add one }
I wanted to also add to verify your yearly mileage. My husband and I work from home and the mileage was incorrect.
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Great ideas! Thanks! Rona’s idea is good, too.
~Susan
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That is a great post! I wrote one on my organizing blog (www.organizedlifebydesign.com) about improving your financial picture in ‘09 and looking at your insurance is an easy way to decrease your expenditures!
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We’ve been getting auto insurance quotes and was really surprised at the difference between companies.
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You can also try using a broker, who can compare rates for companies you may not have thought of…
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