Free up cash with insurance!

The Ninja Consumer was seen: on October 8, 2009     Font Size:

Free up cash with insurance!

Several months ago, I had a friend that lost their job and decided to start a new life as an insurance salesman. He explained to me that he needed to get a number of visits in during his training phase and asked if I’d be willing to host him and his trainer in my home. I told him that I have really good insurance, but that I would be happy to have them in our home regardless.

When the evening came for their visit, I explained to them that I was willing to listen, however, my main goal was to keep my current coverage but pay less for it. I explained that I was happy to participate in the training, but that the only way I would purchase any insurance was if it met this criteria.

While we met, they gathered a bunch of information and got my thoughts and theories on money and insurance. They came back a few weeks later to give me a plan. They had two scenarios. First, they had a plan that cut some of my existing coverage benefits, but was a lot cheaper. Second, they had another option that enhanced my existing coverage but cost a little bit more. I explained to them kindly that they did not meet my criteria of maintaining my current coverage along with cutting the premiums. They discussed it further, and explained that they would run a few more numbers and return next week. At our final visit, they were able to give me slightly higher coverage and save me about $300 per year.

It had been 10 years since I had originally signed up with my former insurance policy. At the time, I had researched all the major companies and ensured myself that I was easily getting the best deal. However, in these 10 years, my family had nearly tripled in size and our needs changed. I realized, after this visit from my friend, that as your life changes, or as time passes and company policies change, it is always wise to revisit your insurance situation. Even if you are satisfied with your insurance company, you should review the possibility of changing insurance. It is important, however, to give your insurance company a fair shot and to really see what they can do for you. You should let them know that you’re thinking of changing insurance and that you are comparing them to other companies. You could ask them to reevaluate your policy to see if there might be something else that would fit your current life situation. You may end up saving a lot of money and keeping your existing insurance company.

Now, what could you do with an extra $300 or $400 a year? You may look at that and say that this really only translates to about $30 a month. You may wonder if it is worth the hassle. However, with that extra money you can either enhance or add one extra family vacation or road trip. If travel is not for you, then put the extra money to work each month through investing practices that generate a residual income for you over time.

In summary, if it has been a number of years since you have explored your home, auto, and life insurance plans, you may be spending more money every month than you really need.

About the Author
Mark Masterson is a travel and investment affecionado. He currently contributes road trip ideas for families.

Mark submitted this informative guest post to me last week and I thought it would be a really great article for my readers for Tips Thursday. If you are a writer or blogger and would like to submit a guest post on anything related to saving money get in touch with me! Also check out my daily topics if you are need some ideas! :D