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New to Live Richer Challenge: The Fundamentals? Learn more about it HERE.

Week 5: Insurance & Investing

Today’s Easy Financial Task: Get quotes from competitors

How to rock this task :

  • Take out your current policies
  • Make a list of your policy competitors
  • Ask for quotes using the stats from your current policies

Today I’m going to show you how to gain the leverage you’ll need to negotiate lower insurance rates with your current providers.

The first step is to get competitive rates for the same or better coverage. Do this by making a list of competitors you want to contact. Then take out your current policies from yesterday’s task and call new companies to ask if they can offer you a better price than your current premium.

Remember: Don’t sacrifice coverage for a cheaper rate. You want them to offer you current coverage for a cheaper premium.

Keep this in mind: If you share your social security number with the company when asking for a quote, doing so will trigger an inquiry on your credit report. Inquiries stay on your credit report for two years and can temporarily lower your credit score. So don’t go crazy asking for quotes, although it may still be worth it to check for policies like home and car, because saving thousands of dollars is worth temporarily losing  points off your credit score.

Today you’re only job is to get quotes. Tomorrow, I’ll show you how to use these competitor’s quotes to negotiate better rates.

Looking for competitive life insurance quotes?  Check out our sponsor, Prudential’s quote calculator.

I just used it and was quoted a 300,000, 30-year Term policy for less than $25/month.

Get your free quotes here: http://lifeinsurance.prudential.com/view/page/iliconsumer/30454

I look forward to hearing how today’s task went for you. Share them with me in the comments belowthe LRC Forum. (If you’re new to the Dream Catchers: LIVE RICHER forum make sure to fill out the questionnaire HERE before requesting to join.)

Sharing is caring. Your tweet may inspire someone else, so tweet away….

I will compare insurance rates. Thanks @PrudentialBYC. Day 30 #LIVERICHERChallenge #pruwomen Click To Tweet

Lastly, our weekly LRC review video is today! Every week during the Challenge I share a weekly video where we recap tasks to keep you encouraged.

Check out the video here: http://www.youtube.com/watch?v=Bdt7Zrodr74

Live richer,

Tiffany

You can reach out to me here:

twitter: @thebudgetnista

instagram: @thebudgetnista

Facebook: The Budgetnista

Private Forum: Dream Catchers : LIVE RICHER

(If you’re new to the Dream Catchers: LIVE RICHER forum make sure to fill out the questionnaire HERE before requesting to join.)

*** Have you just started the Challenge? Want to catch-up? Want to do the challenge again later? Want to work through the LIVE RICHER Challenge in a workbook as well? You can do it ALL with the LRC Book. Get it here NOW: LIVE RICHER Challenge Book ***

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FYI:

My Lisa Rule: I have 4 sisters and Lisa is the baby (well she’s not a baby anymore). Of all of my sisters I’m the most protective over her. Before I share any product or service with you, it must pass my Lisa Rule.

What’s the Lisa Rule? If I would not advise Lisa to use a product or service, I won’t advise you to. YOU are my Lisas. I feel protective over you and your financial journey.

The products/services mentioned in this post pass my Lisa Rule. Yes, I’m an affiliate, but I would not recommend a product or service that I didn’t believe was helpful and useful. 

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  • Summer

    I tried this task months ago and I found that my current insurance company was offering me the best rate already.