Boy where we in for a surprise! While shopping for insurance we did some got some quotes for insurance for our daughter since she is a rider on our current policy. We didn't realize we were paying $162.50 per year for her $25,000 coverage. Talk about a ripoff! We also calculated our monthly premium and realized we were paying more because we were paying monthly and not annually. By paying monthly it was costing us an extra $275 per year.
Today I called the insurance company and requested Steffanie be dropped as a rider. Turns out you have to submit that request in writing so upon completion of the call I did that letter and it's in the mailbox waiting to get picked up. I also had our account switched from monthly debit to annual payment. So with one call I was able to save us $437.78 in annual insurance costs. While it doesn't look like we'll be able to beat our current insurance deal we have on Donna and me we know we can do much better for Steffanie and will use part of that $437.78 annual savings to buy a good term policy for her.
Hopefully you'll learn from my mistake and actually take the time to read and understand the various things you buy such as insurance.
No comments:
Post a Comment