I just saved money on my car insurance
And it wasn’t through GEICO!
What did I learn through this?
1. Shopping around is worthwhile.
2. Higher deductibles will reduce your rates.
3. Homeowners insurance is cheap if you don’t have expensive stuff.
4. Identity theft riders are available for homeowner’s insurance.
5. Affinty group discounts are worthwhile.
6. Knowing your net worth is good, because that will help you figure out how much liability insurance you need to carry.
I got a solicitation from Liberty Mutual through my university alumni club. I usually toss these things out, but it was timed perfectly. My auto insurance expires this month. The other incentive to call was a $5.00 Visa gas card just for getting a quotation.
I increased the deductibles for comprehensive and collision on my 5+ yr car. I found out they run a CLUE report, Comprehensive Loss Underwriting Exchange to find out if you’ve ever filed a claim. This is different from your insurance score, an Isaac or Beacon score.
I was paying over $900.00 for auto insurance through an insurance company that does not sell homeowners policies in VA. With this new company, I was able to save myself $60.00 a year, getting just as much auto insurance for higher deductibles, and a homeowner’s policy on my condo which also includes a rider for identity theft at $24.00 a year.
I’m super happy about all this. If you like, I’ll give you the name of the nice man on the phone. He has a direct line. He explained what CLUE was. He’s the one who advised me that in the future as my assets build, I may want to increase my auto liability insurance because I should protect those assets. When I get more assets, I’ll think about it. But as you can see, I don’t need much right now since my net worth is so low!
Single Ma wrote:
Good for you! I shop for new car ins rates every 6 months. My mom thinks this is a waste of time because she prefers loyalty and dealing with the same person long term. On the other hand, I like saving money and getting the best value.
During my search, I learned that attending a state university can save you money, it’s important to ask about additional discounts because they may not disclose all of them, and establishing a separate savings account to cover that “just in case” higher deductible can give you a peace of mind while earning interest.
BTW, I called your guy but couldn’t get the freebie because I was getting haz ins, not auto. I was surprised they couldn’t even come close to my GEICO auto rate. Also, no referral incentives. Boo!
Thanks for turning me on to Liberty!
Posted on 18-Apr-06 at 3:54 pm | Permalink