Saturday, March 31, 2012

Switching companies - Saving money is a phone call away

Saving money can sometimes be as easy as placing a phone call to a competitor.  Several reasons why people do not pick up the phone and place the call.




  • Buyer's remorse...the feeling that you get when you paid too much or purchased something you wish you hadn't
  • Laziness
  • Lack of information
  • Brand Loyalty
  • Uncertainty of new product or service
  • Telephobia
The last reason telephobia is real.  I sometimes experience it from time to time.  It is an awful feeling that I think was developed when I was a stockbroker at Fidelity.  All those phone calls that I took while I worked at the company.  I really dislike answering the phone for all the reasons listed on Wikipedia's telephone phobia page.


Buyer's remorse...no one wants to know that they paid too much for anything.  I'm sure you have heard commercials about GEICO saving you 15% on car insurance.  Almost makes you feel like you are an idiot if you don't call.  No one wants to feel that way, however being ignorant is not bliss.


Do not feel this way!  Make the phone call...because the opposite may happen.  You might realize that you cannot save 15%.  In fact your policy might be much better than what GEICO has to offer.  Then you can be proud of yourself.  However, if you were paying $1,200 for car insurance and you could save 15%.  That is $180 per year or $15 per month.  Make the call.  If you spend 15 minutes to save $180 that is $720 per hour. I think $720 per hour is worth the time.


Sometimes, you might get better services or better coverage too.  When I switched insurance companies to an independent insurance agent not only did I save money, but my coverage increased.  I went from having the minimum coverage of $15k/30k for liability to $100k/$300k.  I am a big fan of independent insurance agents.  Typically the rates are better because you are not paying for a lot of the marketing costs.  Plus, call me old fashioned, but I prefer to work with one agent, and not a call center.


This applies to health, home, and renters insurance.  Cell phone plans can be changed so that you get what you need.  I purchased my first cell phone in America was in 2011.  I purchased Virgin Mobile and pay about $26 per month for a data package with 300 minutes.  We barely even use the phone and I feel is a waste of money. 


Internet service, energy, and cable providers can all be changed to possibility provide better or the same value and cost you less.  Get out and see how much you can save.  If you do make any changes to save money or increase value, comment about it to encourage others to do the same.

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