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.

ESURANCE

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!”

AIS

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.

QBE

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.

Too Expensive

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.

Final Thoughts

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.

Stay Inspired!
Buck

21 thoughts on “Auto Insurance Shopping”

  1. I just switched my auto insurance to USAA and we’ve been really happy with them. We got our other insurance through them and it may lead us to bundle others with them because they’ve been great.

  2. I am pleased to hear Geico won! We’ve had our autos insured with Geico for over a decade. Our cars are old, and even though we have our daughter on our policy, our rates are CHEAP!!! Go Geico!

  3. Thanks for sharing this information! It’s amazing how much money you can save with just a little time and research. Not to mention, it pays to look for insurance while you have insurance, so you aren’t making a frantic decision. I make it a point to research every major new purchase I make. It took me several months to choose a laptop because I wanted the best model, but refused to pay the highest price. I shopped everywhere. In the end, I ended up getting my way and saved about $70. Not much in the grand scheme of things, but I’ll take any bit of savings I can manage.

    1. You’re welcome! You are absolutely right. Most people are too lazy or too rushed to properly research. $70 in savings is $70 more in your pocket, plus it’s your healthy attitude that will help you make a comfortable nest egg. Thanks for dropping in!

  4. This a great post – thanks for publishing it. On a side note does anyone know about the Bankers Life . I heard they have good products for life insurance & annuities and they have local agents who help in retirement planning. Any feedback about them is greatly appreciated.

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