To kick start our savings plan, we have to make some changes. Now, whether these changes are small or drastic, every bit is significant to the long-term goal. We started by making a change to our car insurance. First of all, we pay our car insurance bi-annually. Almost every insurance company offers a savings when paying bi-annually vs. monthly. It can be over $200 a year in savings so look into that if you’re not already doing it. We received our 6-month premium bill from Geico last month and it was for $770 – which is $35 more than the last 6 months. So, I went online to get a quote from 3 or 4 other companies. I made sure to select the exact same coverage so the comparison premium would be fare. At least 2 other companies quoted me a premium for $100 less than Geico. To be completely fare, I called Geico and told them I was looking to lower our bill and asked if there were any other savings opportunities available for us at this time. I’ve been with Geico for 8 years and didn’t want to switch if I didn’t absolutely have to. The lady on the phone assured me I was taking advantage of every opportunity already and that there was no way I could lower my bill. So, that settled it. Before my insurance lapsed, I called Progressive and gave them my quote number. Our new premium is $625. That is a savings of $145. We did receive a one-time discount of $50 to sign our documents online. But even without that discount in the next renewal, it’s still a $95 savings – which is $190 a year!
So what does that mean right now? If I had made the payment to Geico, we would be out of pocket $770 today. But instead, we are only out of pocket $625. I will take the $145 we saved and put it into our savings account TODAY!
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