Savvy Insurance Saving

April 26, 2011|By David Lester
Chris with the car on our route 66 road trip!

My friend Chris on our Route 66 road trip!

I just got my yearly car insurance bill and I saved more money again!  Insurance is one of those expenses where you hate to pay but need to have it.  Why not trim those premiums and try to make some money in the process?  That’s how we roll, right?  Here are some of the things I do to take the itch out of insurance prices.  Enjoy my money monkeys!

Reduce Your Deductible

I would never claim any damage under $1,000 so why not increase my deductible to that amount.  When my insurance agency tried to get me to reduce my deductible it would have cost me $1,000 a year.  I’ll save that $1,000 and keep it in my rainy day emergency fund making me interest.

Keep All of Your Insurance Policies At One Place

I save 5% for each insurance policy I have with my insurance company.  I keep my house and car insurance at the same firm to save that 5%. When I get my plane, boat, and cottage insurance with them I’ll save even more 🙂

Shop Around!

I love harassing the poor customer retention department staff.  When they call I’ll charm them by telling them what a great customer I am and how I deserve a better discount.  I’ll phone their competitors and if I find a better price I’ll have them beat it!  It’s getting very competitive in the insurance industry and they will bend over backwards to keep good customers.

Affiliate Discount Programs

Ask at work or your spouse’s work if you have any affiliate programs with insurance companies.  Being associated with a large company can save you a lot of money.  I get a discount for also being a UWO alumni.  Finally my schooling is paying me back!

Ditch The Extras

Get rid of any rental car benefits.  Cheap cars will cost you $20 a day.  Towing and other perks should be kept to a minimum that cost you more.  Think how often you get into an accident vs. how many years you pay these extra fees.

Buy The Insurance Company Stock

Insurance companies have great profits so why not buy their stock?  Do your research and if the stock pays a dividend and has been a good performer why not let them pay you a premium for a change?

Love your money and it’ll love you back with savvy insurance,



David Lester
About David Lester

David Lester is a best selling author and professional Financial Coach, helping people be better with their money. David has written a personal finance book that breaks with traditional attitudes towards finance and describes his own philosophy to money that he has gained through his personal and professional experiences. His philosophy on money applies to many areas of everyday life, including banking, investing, goal setting, shopping and entertainment.