Jul 23

Auto Insurance: When Was The Last Time You Got A New Quote?

by Geoff Wells

This is a topic that has been relevant in my life and also a recently asked question by a family member.  Am I paying too much for auto insurance?  If you haven’t received a new quote online recently, the answer is probably YES.

When I moved down to Texas, I found out auto insurance rates down there were higher than New York.  Needless to say, when we moved back to New York, I want to be paying the least amount possible, so I got a new quote online.  I knew the yearly payments would go down some because of location, but I now have a better policy (lower deductibles/higher liability limits) and reduced payments (from $1400/year to less than $1000/year).

Where to start?

The easiest way to get an instant quote is online.  You type in a few pieces of information about yourself, your car(s), driving history, location, current insurer, education, etc and the website will give a quote that you can customize to meet your needs.  Please make sure you are comparing apples-to-apples coverage between the different carrier to get an accurate comparison.

A good first stop is Insurance.com.  The website is an aggregator that pulls information from various insurance companies and provides the least expensive coverage for your needs.  Consider this a Google search for auto insurance.   This is a good method for most people that want a one stop quote.

Another option is to go to a few different individual insurers and see which policy is the least expensive. I chose this method myself, but Insurance.com should be fine as well.  A few companies to explore are Geico, Progressive, Esurance, AllState, etc.

If you do find a less expensive policy with the same coverage, you can start the new policy and cancel the old policy on the same day.  You will get a refund in the mail from your previous insurance policy for the pre-paid cost that was not used.   Insurance cards and documents can be printed from the Internet which will allow you to be up and running in no time.

So please take 10 minutes, and review your auto insurance policy.  You would be surprised at how much money you can save!

When is the last time you checked your auto insurance rates?  After reading this, were you able to save some money on your auto policy by getting a quick quote?  If you have questions on each part of the auto insurance policy, please ask!

One last note: I personally prefer a lower deductible for my auto insurance policies.  It may cost slightly more every year, but I would rather not have to write a large check on the same day that I get into an auto accident!   I also strongly recommend the addition of a rental car to your insurance policy if you do not have an alternative means of transportation.

About the Author

Geoff Wells is a Certified Financial Planner at Rockbridge Investment Management. “My interest in financial planning grew from assisting friends and coworkers with their retirement plans. Over time, I developed a knack for simplifying overly complex financial topics. After several years into my aerospace career, I knew that helping people with their personal finances was my professional calling. I feel extremely fortunate to have joined Rockbridge with its fee-only advisory model and remarkable team approach to financial planning.” Geoff is a graduate of the CERTIFIED FINANCIAL PLANNER™ Certification, Ohio State University Finance (M.S.) and MBA, Kelley School of Business, Indiana University, with a Mechanical Engineering (B.S.), University at Buffalo.
Learn more and/or Contact Geoff


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