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Karl and Heather's Journey:

Shopping the Insurance Market

Certain amazing automobiles come with their own slogans: Porsche – There is No Substitute; BMW – The Ultimate Driving Machine; Jaguar – The Art of Performance. In contrast, Team Duncan’s verbiage for a vehicle is a bit different…Shucks – We Need a New Toaster. For our family of five, we don’t want a computerized appliance with each slot having its own settings. We just need the automotive equivalent of toasty bread. Up until a month ago, I assumed our auto (and home) insurance were of the same caliber as our car purchases…I was wrong.

On our never-ending Project Money list of things to evaluate for less cost, insurance has been near the bottom. Of course there’s a Flo, a Gecko, a Coach and a Duck to remind us that insurance can be progressively better, however, the impact has been a giggle instead of a phone call. Stripping bare our monthly budget due to my job loss/change was what motivated us to get proactive. We began to analyze the available nationwide insurance carriers in the state of WI and tried to farm-out our money as prudentially as possible.  

We first made a bolt into the realm of independent insurance agencies. With a few clicks we were presented with enticing offers from multiple insurance carriers (now we are getting somewhere)! Unfortunately, after hours of information-gathering-rabbit-holes & no final quotes, we signed off for good.

Next, we contacted major insurance companies directly and tried to align our current policies with their offerings. After numerous conversations and offers, we were not at liberty to mutually change for the same coverage at the same price. Due to the time spent and frustrations of feeling like travelers on an endless highway we almost gave up…Until,

Through our cost-saving membership at an always cooperative nationwide wholesaler we gave it one last shot. This time, the online adventure turned out to be a fantastic experience! Within 30 minutes Heather & I signed with a large national carrier (for both auto & home) and cut our premiums by more than 1/3rd! At this point we wished we had done it months sooner.

So our advice…Do not leave any rocks unturned just because they will take some effort.  With the monthly savings, we are increasing contributions to our Emergency Savings and have setup a new Dory expense account (our new-used second car)! A great deal on insurance will never be as sexy as paying-off an American Express credit card or adding money to savings, but at the end of the day it equates to a very rewarding prise!

 


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Insurance Shopping

I am going to shop around too...I know we pay way too much!