Sunday, April 26, 2020

FWOTW: Saving money on car insurance

Very few vehicles are on the road these days.
As the current stay at home quarantine continues, we have been looking for different ways to get organized and be productive with our extra free time.  With the vast majority of people staying home and limiting the amount of driving that they are doing, insurance accident claims have dropped tremendously.  Many car insurance companies are automatically refunding portions of paid premiums during the coronavirus outbreak.  Allstate is crediting customers with 15%, Progressive customers are receiving 20%, while Farmers and State Farm are reducing monthly premiums by 25%. 
We have been Geico customers for 7 years now, as they have consistently offered us the best deal on auto insurance.  Geico is currently offering a 15% credit on our next policy term.  While this is great, I figured that it wouldn’t hurt to call Geico to ask if they could offer us any additional discounts.  My wife has been working from home for the last 6 weeks and I have been going to the office only 2-3 days a week.  My commute is 6 miles each way.  I’ve read of some people calling their insurance companies to put their car insurance on hold (for at least 30 days) to save money.  This was an option we considered but I like the idea of having both vehicles accessible in case of emergency.
I set aside time to call Geico to ask for a discount to keep us as happy customers.  To avoid excessive telephone wait times, I used the automated system to connect me to the cancellation department.  I would consider cancelling our policy with Geico if they would not lower our rates.  I nicely explained our new driving situation to the customer service representative and asked if Geico could offer us a discount now, instead of at our policy renewal in a few months.  The Geico rep was very understanding and didn’t hesitate to recalculate our insurance rate due to our reduced driving and long 7-year history with the company.   
After a short conversation, the Geico rep offered me a refund of $204.30!  I accepted the offer right away.  My credit card account received this refund earlier this week. 
I’m glad I made a short phone call to save some extra money.  Are you willing to make a phone call to save money?

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