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Savings may be lurking in dated insurance policies

by Sharon Lechter - Aug. 23, 2008 found at Arizona Woman

When was the last time you had your insurance reviewed?

If you can't remember, you might be losing out on some major savings.

My husband and I have had the same home and auto insurance provider for more than 30 years. You would think that as longtime customers we would have earned the best rates available. Think again.

Last summer, our youngest son's friend, Tim, asked if he could quote our insurance business. We told Tim that he could do the exercise but he wouldn't be able to beat our rates. We thought it would be a good experience for him to see how hard it would be to compete.

We had one condition: We wouldn't have to do anything. He would have to do all the homework. His findings:

• Our home insurance was quoted based on having a sprinkler system, which we do not have. We have lived in this house for 17 years. If we had a fire, we could have had the claim denied even though we had paid premiums for it forever.

• Our car insurance had us commuting to work every day, but we work from home.

• We were not getting all of the multiple-policy discounts for which we were eligible. It seems it is a "If they don't ask, don't give them the discount" kind of world.

All in all, Tim saved us from $4,000 to $5,000 on our home and car insurance. How much money have we wasted over the years because we didn't make the call?

When was the last time you reviewed your policies? Make the call. You may be surprised by how much it may save you.

Paradise Valley resident Sharon Lechter is a member of the President's Advisory Council on Financial Literacy, founder and CEO of Pay Your Family First and co-author of Rich Dad Poor Dad.

This story appears in the August/September issue of Arizona Woman. Pick up a free copy of the magazine at AJ's Fine Foods or Safeway. For a complimentary subscription, sign up at arizonawoman.com.

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Notes:

-- Personal information such as social security or driver license numbers are not required;

-- Rate comparisons involve no cost or obligations.

SOURCE OnlineAutoInsurance.com