One thing that this recession has helped me do is, understand my spending patterns and try to save money where possible. The normal expenses, such as eating or drinking out really do add up and this is where most of us try to cut back. The one thing that we do miss looking at are things like home/auto insurance, credit card rates (for those who carry a balance) and to certain extent mortgage rates as well.
I’ve been pretty good in regards to paying my credit card balance every month. In fact, I try to pay it a few days before the statement actually gets printed/issued. My mortgage rate is pretty good, and I am pretty sure it is the lowest I would be able to get right now.
This post isn’t about neither the credit card rates nor mortgage rates. This post is simply about Home and Auto Insurance. Recently I purchased a used vehicle (Sept. 2008). Around the time when I was looking to purchase a car, I looked around and got a few quotes on insurance for myself. Several insurance companies quoted me close to $3000 to $4000 per year for a car that was 3 years old. I’ve had a clean driving record for the past 7 years and would have thought that it would count for something. In the end, I spoke to Toronto Dominion’s, Meloche Monnex insurance group and they quoted me the cheapest rate, $3000. I made a decision to go with them in the hopes that eventually I will move my house insurance with them and might be able to get a better rate.
Fast forward to two weeks ago. I came across Johnson Insurance. Johnson’s is an insurance company based out of Newfoundland (Canada). I came across them through the College Alumni mailings for my college (Seneca College of Applied Arts and Technology). The agent that I spoke with from Johnson’s was helpful and very prompt. He returned my call within a few hours. I was open to him about wanting to save money, specially during these times, and he understood what I wanted to do.
In the end, he gave me a quote in the amount of $1,800 per year. I was shocked! So much so that I decided to cancel insurance with TD and go with Johnons. Interestingly enough my house insurance was up for renewal and Johnson was an appropriate choice.
If you are in the same boat, paying high insurance for car and home, and would like to save some money give Johnson Insurance a call!
Cheers!