|Photo credit: gotcredit.com|
Post by Monty
I first purchased automobile insurance in 2007. I compared companies and Geico provided me the coverage I needed for the lowest rate. I have been with them continuously since then. About one year ago I called them and asked them what they could do to lower my rate. I was told I currently had one of their best rates available and there was nothing they could do other then lower my coverage to lower my premium.
The other day out of curiosity I priced out a quote for the exact same level of coverage with Progressive. I was shocked to discover that it would be $101.50 lower than my current 6 month premium of $540. The fine print revealed a $37 discount for signing my documents online (e-sign discount) which would only apply to the first six-month policy.
I called Geico to ask them if I could cancel my policy even though I had just over three months left. They promptly transferred me to the department specializing in customer retention. I was connected with a friendly voice belonging to an employee name Manuel. He asked me why I was considering canceling my service. I let him know I was about to save $100 by switching to Progressive. He responded he was pretty confident he would be able to not only match that, but find an even better rate. This was before he even looked at the details of my account. He asked if he could check my credit based insurance score to determine what discount I could receive. I gave him my permission and he put me on a brief hold. I know I have a good credit score (currently 755 on creditkarma.com) and figured my good credit would work to my advantage.
When Manuel came back he let me know he was able to lower my six-month premium by $175.97 to $364.03 while keeping the exact same level of coverage, adding in glass coverage, and lowering my deductible from $500 to $250. He did this in a very professional manner. I was impressed.
|Photo credit: Damian Morys|
If you try this and find you are able to lower your premium, please comment below. Share what worked for you and how much money you were able to save.