I just Saved $300 by Switching From Geico

I just Saved $300 by Switching From Geico May 9, 2011

I’ve been using Geico for the last 8 years and have never had a problem with their service or rates.  In fact, they’ve always been lower than other quotes, so I’ve stuck with them through the years

This year during my financial spring-cleaning frenzy, I decided to make the annual call to a few insurance companies to check the rates.  I started with Geico and asked if there were any better rates or discounts, to which they said no.  Onward I called and connected with Progressive.  The representative guided me through the process and lined up the same coverage – but came out $300 less per year than what I was paying with Geico!  That’s like getting a giant Christmas gift just for switching insurance companies!

After getting all my quotes together, I made the switch online and printed my new insurance cards.  A quick call to Geico was all I needed to cancel my current insurance.

Things To Remember When Switching Your Car Insurance

Get Your New Insurance First

Don’t cancel your old policy before confirming that your new policy is ready to go.  Taking the risk to cancel insurance on a Friday and start it on a Monday is just too risky.

Have All Your Numbers Ready

You’ll need all drivers’ license numbers, current insurance policy, and personal info ready as you complete the new paperwork or online forms for the new company.

You’ll also need to have your payment method lined up.  In most cases, you can pay it with a credit or debit card, draft it from your bank or even pay through Paypal.

Confirm any Fees

Most insurance companies will allow you to switch at any time with no fees.  But, it’s always good to ask if there are and to weigh the costs of the fees with the savings you’ll see with the new company.

Print the Paperwork

If you switched using an online system like I did, be sure to print out the temporary insurance ID cards.  The new company should be sending the cards in the mail, but you need to have proof of insurance in case you get into an accident or get pulled over before the cards arrive.

Inform your Lender

If you have a loan on your vehicle, you’ll need to let them know that you’ve switched insurance providers.  The new insurance company will have a form that shows ‘verification of insurance’ and it needs to be faxed, emailed or mailed to the current lender.  It needs to show the coverage information, vehicles insured, and their name in the section under ‘leinholder.’

image credit: harshlight

Have you ever switched insurance providers?  How much did you save?

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