It Doesn’t Always Pay to Bundle Insurance!

In the last year, I have called 4 different popular insurance companies to see if I can get cheaper rates for my homeowners or car insurance.  I have sat on the phone and given all of my information with both policies sitting in front of me and then we get to the numbers….

Their quotes are always higher than my current policies.

And when I tell the popular insurance those numbers….they apologize and say that I already have the best rates.  They can’t match!  What’s up with that?

So far, it has been cheapest for me to keep my car insurance with Geico and my homeowners insurance with MetLife.  I will say that I’ve been with Geico for a LONG time so I am getting a loyalty discount.

The bundle is often a marketing scam – you assume you’re getting the best price because it’s bundled but often it could be cheaper to stay sepearate.

Protips for Insurance Shopping

1. Be prepared to spend some time and just pick up the phone
So far I have yet to be lucky enough to have a quote generate over the phone.  I sit there and put all my info in then they ask me to call with a reference number….only to have to give them all of the information again.  Don’t waste your time online – call that bitch and cut out the beep boop boop middle man.

2. Have your policies and most recent bills in front of you
They’re going to ask you a lot of questions about your current policy and it’s a lot easier to answer instead of guess.  This also ensure that you’re comparing apples to apples.  It’s also a lot easier to throw a premium number at them before they can push you to start signing up for their insurance.

3. Don’t tell them the premiums you pay until the end
I have just always found this to be easier because then they will be quoting you apples to apples to what you currently have.  If you tell them the number up front they may try to just get you a policy that is closest/below that number but not for the same coverage.  See what the exact coverage you have would be the go from there.

4. Ask if there are any employer or alumni discounts
I save $21.69 on my car premiums just for being a Drexel alumnus.  Every bit helps!

5. Sometimes it pays to stay loyal
I also save $40.16 on my car premiums because I’ve been a client with them for so long – I’ve only had a mortgage for a year but I’m sure I’ll be calling MetLife in another year to see what can be done for me.

I’m very interested to see what other people’s experiences are with this!  Whatchu got?  Lay it on me!

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