Saving Mega Bucks on Car Insurance!


Working in a bank has many benefits. Not only do I collect a paycheck every two weeks, but I also get benefits and the ability to network with our clients. So when one of the insurance agents came into the bank one day and asked me about my homeowners and car insurance, I was open to discussing it with him because he did business with us. He seems trustworthy, and I like him.  I gave him our drivers license numbers, the make and model of our cars, and he went back to the office to get me a quote.  The next day, he gave me a call.

For six months, our 2005 Ford Freestyle is $240.35, and our 2002 Ford Mustang is $287.24.  Total that is going to cost us $527.59.  We were paying $727.39, so of course I was ecstatic!  Of course I’d like to save $200 for six months!  I made sure that the coverage was the same limits (it’s actually better!), plus the deductible was the same.  The quote he gave us included a $500 deductible versus the $1000 we had before, so it was even better!

We told him we’d go ahead with it, and that he could go ahead and do our homeowners too.  He gave us a quote, and it was $40 less a year, so we went with it.  I feel better knowing the agent and that if we ever need anything, he is local and we can get a hold of him pretty easily.  Score!

Today in the mail I got a check back for $270 because we had paid for six months ahead of time with our old car insurance company.  I’m going to take that check and send it straight to the car loan. We won’t need it to go back in the car insurance account at ING because the money we had in there was enough to pay for the six months in full!

All in all, I am very pleased that we are saving so much money.  It feels good that something worked out so well!  I am almost kicking myself that I didn’t look into it sooner.  That feels like money we’ve been throwing away.

Have you gotten a quote on your insurance lately?

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14 thoughts on “Saving Mega Bucks on Car Insurance!

  1. Kacie says:

    HOT DOG! What a fabulous savings. Our car is an ’06 and our insurance went up by $20 when we moved to this part of town. Ugh! It’s like $320 for six months, and I’ve shopped it around lots, but that’s the best they can do. Maybe it’ll go down once Shane and I hit 25. Maybe?


    Mrs Money Reply:

    Isn’t that crazy? I went with the state’s Farm Bureau, I don’t know if they have a PA Farm bureau, but you should check it out! I’ll bet yours will go down when you both are 25. I hit 25 last year and Mr. Money is 32 so we’re both less risky I guess? 🙂


  2. Mrs. Accountability says:

    Boy, can I relate! I just paid $760 for our car insurance, which includes our youngest who is 19 years old. Our third vehicle broke down last December, and I’d called to have it removed from the insurance, but they informed me that we had to contact the Department of Motor Vehicle and get a “de-insured certificate” for the vehicle first. You fill out this form, stating that you will not drive the vehicle without getting the insurance reinstated. Well, Mr. A was going to fix the third vehicle… so I never did anything. We haven’t had the money to fix it, so… there it sits. I just paid the six month policy and looking over it a couple of days ago realized that the third vehicle is costing us $200 for six months! ACK! I need to get that de-insured certificate and get the vehicle uninsured and stop wasting money!!

    Also, Kacie, I have always heard it’s the guys that cause the insurance to be higher, although he is a married guy, so that should count for something since they usually “settle down” after that. 🙂


  3. Mrs. Accountability says:

    That’s a great savings! We are paying $760 for three drivers, one aged 19. Also, we are paying for a third vehicle, that isn’t running! The other morning I was getting the little papers cut out for each vehicle, and looked over the policy to find we’ve been paying $200 for six months for a broken down truck. ACK. I did call several months ago to cancel, but they said I had to contact MVD first and get a “de-insure certificate” which states that you promise you won’t drive the vehicle until you get insurance on it again. I need to take care of that tomorrow. It’s really cool that you have so many options for networking, too!


  4. Miss M says:

    Ugh, I just paid our 6 month premium – $1450! That is for 2 drivers, 2 1/2 cars. I say 1/2 because the truck we don’t use only costs us $10/mo on the off chance we do decide to drive it. Ah, life in Los Angeles.


    Mrs Money Reply:

    Wow! The more I hear, the more I think you should move close to me! 🙂


  5. Robert says:

    As an insurance journalist, I come across consumers who switch policies and save money on a near daily basis. I did an interview with a consumer who switched auto insurance policies and saved over $30 per month. Saving even more than that at $40 a month is great. That’s a heck of a lot of money! Great post and great blog!


    Mrs Money Reply:

    Thank you! I am super excited about it. I thought we had the best deal, but obviously we didn’t! I love saving money. 🙂


  6. Jonathan Paul says:

    There is a very good chance that you are — this very moment — paying too much for your car insurance. There is an even better chance that you could get a better rate, from another insurance company, than you could from your existing insurer.

    The Internet has created increasing competition between car insurance companies.
    It’s also important to make sure you are getting a “renewal” discount that many car insurance companies offer. This is a discount given to people who have been with the same insurance company for an extended period of time.


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