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Week 5: Insurance & Investing
Today’s Easy Financial Task: Ask your providers for discounts
How to rock this task:
- Take out the list of your policy’s competitors’ rates from yesterday’s task
- Call your current providers and negotiate using competitive rates as leverage
Cha Ching! That’s the sound of the money you’ll save once you call to negotiate new rates on your policies.
Now that you’ve got a list of competitive rates from other insurance companies (yesterday's task), you can reach out to your current companies and ask for discounts. Use the competitive rates as a bargaining tool. Worst case scenario: your company denies your request and then you make a switch. However, it’s in your insurance company’s best interest to keep you, so it’s likely you’ll come out on top.
Here's a script you can use:
“Hello, my name is _________________ and I’ve been a loyal customer for _____ years. I was reviewing my policy from your agency and due to financial constraints, I’m not able to continue paying this amount. I did a little research and found the ________ agency has the same coverage at a lower rate. I want to remain a customer; can you offer me this lower rate?
- Be pleasant. I cannot stress this enough. The person on the phone has way more power than you know. They are able to do a lot for you, and will only do so based upon how you treat them. So be nice. Ask how their day is going; say thank you and that you appreciate their help, etc.
- Be persistent. Just because one person says no, that doesn’t mean the next one will. Hang-up and try again.
- Do a little research. Find out some of their competitors’ rates and use that politely against them.
- Be prepared to leave. If their competitor has a better rate with similar or better coverage, make a switch.
One more thing...don’t forget to update Day 9's Money List with your new savings by filling out the REDUCED MONTHLY AMOUNT column. While you have your Money List out, review each expense listed & ask yourself if you can save even more. Look at each line item and if there no room for savings move on; if you think you can save, write the new monthly amount you’re committed to saving in the REDUCED MONTHLY AMOUNT column (the 3rd column) on your Money List.
Nervous about asking for lower rates? Practice your negotiation skills with your accountability partner. If you get a company to lower your rate, share your success and method with your partner.I will negotiate for lower insurance rates. Day 31 #LIVERICHERChallenge #pruwomen Click To Tweet
I can’t wait to hear your success stories. Share them with me in the comments below & here:
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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.
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