Auto Insurance Shopping
Last time you learned the critical pieces of info you need to shop for insurance at Auto Insurance Terms. Follow along as I shopped around and eventually consolidated my wife and my auto insurance policies.
Initially, the dirt cheap coverage leapt of the page. Their quote was hundreds of dollars less than the rest. However, that was the first quote. As more information was punched in, the quote jumped up and came in line with the rest. This slight have hand, bait and switch move, rubbed me the wrong way. Borrowing from Donald Trump, “They’re Fired!”
Their quote was coming in at a 22% discount compared to our existing premiums added together. I heard their commercial on Ryan Seacrest’s radio show. Since they are also a reputable company, they quickly became the front runner.
Their quote was slightly below AIS. QBE was my auto insurer. I never had a problem with them, but I never filed a claim so I don’t know their full story. This time around, since I’m looking to cover both cars, I was willing to pay slightly more for a bigger name company.
Every situation is different so do your due diligence. Wells Fargo, AAA, and Progressive were eliminated in the first round because their quotes had little or no discount. I’m sure they’re all great companies, but since my primary criteria was price, it was back to the front runner.
The Winner Is
At the 11th hour, I got a post card telling me to get a free quote for GEICO. I relayed my information and their quote came in slightly higher than Esurance’s first quote! I was wary and asked if their estimate will magically go up. Their first quote was my last quote. All told, we saved a whopping 37%! We quickly processed everything on the phone; I chose to pay the 6 month lump sum rather than tack on extra fees for monthly installments. We cancelled our existing policies a day later. My wife made a visit to her insurance office and I faxed my cancellation letter rather than mail it in. Cancellations can’t be done over the phone.
Every company’s customer service was top notch. They all were courteous and knowledgeable so this was a wash across the board. Know your VINs, commute mileage, and report all your accidents to avoid any surprises. Decide how much coverage you want, what deductibles you are willing to pay in case of an accident, and if you want extra services like towing, emergency, and a car rental. Finally, weigh price against the company’s claim department and policies. You really get what you pay only when you have to make a claim, but you also don’t want to pay through the roof. Find your sweet spot. Check out the following video for more money saving tips on your car insurance.