Savvy Car Insurance Shopping

January 20, 2013|By David Lester

IMG_0814Savvy Car Insurance Shopping

I just got my yearly 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 that amount it would have cost me another $1,000 a year.  I’ll save that $1,000 and keep it in my rainy day emergency fund making me interest.  I’ve been driving for 18 years and I’ve only been in two car accidents.  Doing that math I’ll only need the $1,000 every 9 years!  (I’m knocking on wood now.)

Keep All of Your Insurance Policies At One Place

I have house insurance and so I keep it with my car insurance people.  I save another 5% for each insurance policy I have with them.  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

Going back to my point that insurance companies make tons of money off of you.  Make it right back by buying the stock of the insurance company you hold.  Do you research and if it pays a dividend and has been a good stock 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.