Furlough Plans Part 2

After getting (what I thought was) a great quote for auto insurance this morning I was ready to sit back and relax. Saving $120 a year? Sign me up! Then I decided to dominate and kick ass instead of being lazy. Here are the results of 2 hours on the phone and using Ramit’s scripts:

1 year Auto Insurance rates:

Progressive $1,345.80

State Farm $1,226.52

All State $1,204.00

Farmers* $1,135.00

Liberty Mutual $1,089.00

Geico $1,021.80

Ameriprise $1,003.80

AAA $813.00

A few notes. Farmers is my current provider and while not the best, certainly not the worst.  All coverage levels are equal and though they seem high to me are in line with my assets and risks (lots of uninsured drivers in California!).

Normally I’d do 4 max but I included Liberty Mutual because they boast a 10% savings because I’m a credit union member. Same with Ameriprise which gives a Costco discount. Helpful, those discounts as you can see.

The only insurer that has additional coverages is AAA which requires a yearly membership for roadside assistance. Even with that additional cost AAA is the cheapest of the bunch. And AAA offers member discounts all over from hotels and rental cars to target.com (this is dangerous information).

I have one more call to make – back to Farmers to give them the competitive quote and ask if they will match or beat it.  This would save me paperwork, another phone call and the hassle of setting up another auto-bill. But if they can’t save me money I’ll go through that hassle. Gladly.

Most companies charge an “installment fee” or “service charge” if you pay month-to-month. Instead of going that route I’ll use the savings I’ve been setting aside – essentially making double insurance payments – at ING and then change my autobill to an automatic transfer.

Two hours on the phone and an hour of work with the bank – that’s all it will take. Think about this, the difference between the highest company and the lowest is $532.80 a year. What could you do with $532.80 a year?


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