If I told you I had an opportunity to make $700/hour as a nurse you would jump at the chance, right? Well, I re-shopped my auto insurance and did just that.
My auto premiums had gotten out of control. I’m driving three vehicles, all years old. Nothing special. No claims for years. Yet my six-month premium the last couple renewals surged to a whopping $1200!
That epiphany knocked me out of my status quo bias to take action! I switched insurers before the renewal and saved HUNDREDS of dollars last August! My renewal is due again in February. It’s raised in price by about $75 meaning I’m saving another $625. That’s actually $1325 for an hour’s work!
The process is easy. I compared a couple insurers for identical coverage, chose the best one, made the payment, and checked the box allowing the new insurance to cancel my old.
I saved $700. I’ll probably switch back to the other insurer in a couple years for the same reason due to escalating premiums. $700 for less than an hour’s work now, and several hundred more every six months going forward is a really good deal! That’s like working an extra shift every six months, without the time commitment, stress, taxes, and recovery cost!
If you haven’t re-shopped your auto insurance in a while and you like $100 dollar bills, now’s a good time to do it.
- Compare a few quotes, preferably online, using IDENTICAL coverages. I use a few major auto insurers when looking. I’m talking Geico, Progressive, Allstate, etc.
- Be sure to plug in your current insurance limits for a fair quote comparison (current policy).
- Consider switching and save a bunch of money.
- Be sure you have no lapse in coverage (start and end at the same time).
Those are the basic steps. Here’s a few more tips for nurses to save on auto insurance. When getting quotes, I would avoid a broker. I’ve never used a broker for insurance. They may be able to help with unique needs, but brokers often charge commissions, meaning higher costs. Most nurses are fully capable of pulling their current policy’s numbers and plugging those coverages into another insurers quote screen. My parents used brokers and I noticed their insurance costs were way higher than mine and they were insured through carriers I’d never heard of.
The way insurance in general works is the lower your deductible, the higher the premium cost. Most people don’t damage their car constantly, so you probably don’t need a $100 deductible. Upping your deductible as high as you can afford for collision and comprehensive say $500-$1000 will significantly decrease your premiums. It means if you crack your windshield, you’ll probably pay out of pocket to fix it, but you’ll also save hundreds or more per year in premiums. Statistically, you are more likely to come out ahead in the long run, even having to pay out of pocket sometimes! Don’t skimp on your liability coverage, especially if you have significant income or assets.
The other insurance coverages: roadside assistance, medical, rental car coverage, etc. can result in minor savings or costs. Adjust these at your discretion, but the collision and comprehensive deductibles tend to cost/save the most.
Consider memberships you are part of for discounts or promotions. Oregon Nurses may get discounted rates through California Casualty. Check out ONA’s benefit page (or ANAs) for potential member benefits. I have personally found the best deals myself through major carriers. Checking for discounts through your employer or other organizations you belong to may also be worthwhile.
Last, if your credit score has improved significantly since you last changed insurers, this could mean more insurance savings. Credit impacts insurance rates, especially homeowners and auto policies.
Insurance is one of those things we often don’t change because of status quo bias. Insurers know this and always ratchet up your premiums over time, meaning you see major insurance savings by switching periodically. It’s worth it!