Money Smarts Blog

I’ll bet you dollars to donuts you’ve spent hours shopping around and comparing prices for things like electronics, cars and other big-ticket items that make your life more comfortable or efficient. Does the item have the features to meet your needs? Does it fit your price point? Is it a quality product/service? I even bet you’ve spent 10 minutes in the grocery store deciding between the cheaper off-brand ice cream or Blue Bunny (been there ...).

The whole point of comparison shopping is to find a similar item or service for a better price. So, if you’ll stand in line for hours on Black Friday to save money on a TV, what’s stopping you from saving money on your insurance policies?

Different insurers offer different discounts that can be customized to your unique situation. With car insurance, some of the most common discounts include: 

• Safe driver
• Good student
• Multi-vehicle
• Multi-policy / Bundling
• Low mileage usage

If any of these apply to you, it’s worth asking your current provider about the discounts.

Every little bit helps, especially with car insurance premiums on the rise based on data from a recent consumer price index. Generally, you’ll find the best deal on car insurance by bundling your home and auto, which can save you anywhere between 5-25%. At IHMVCU, members save an average of $600* when they bundle home and auto insurance.

* Based on multi-policy scenario, actual savings may vary.

If you’ve been with your carrier for a long time, it’s likely your coverage is outdated and you’re not getting the best rate. Why? Because things like marriage, divorce, switching jobs, adding a new driver and buying a new car are all pretty big changes that have the potential to affect your insurance policy. Even if you haven’t gone through a major life event recently, it’s still a good idea to shop around every two or three years.

Price is part of the equation when determining the best insurance for your needs. You’ll also want to compare types of coverage (for example, collision coverage may be the same but the amount covered may not), as well as coverage limits.

Luckily, today’s technology makes it pretty easy to get started.

Reputable and highly-rated sites like Insurify and The Zebra crunch the numbers to show you quotes from major insurance companies. Prefer talking with a real person, or need help understanding the appropriate amount of coverage? IHMVCU Insurance Services makes it easy to compare and switch. All our products and people are in-house, meaning we’re the local agent.

With your member account information already on file, we can quickly and easily review your needs and put together a package tailored to you. The best part? It can all be done over the phone, in the comfort of your pajamas, if that’s what you prefer.

According to a ValuePenguin survey, 76% of consumers who have shopped around have saved money by doing so. It might take a little longer than the 15 minutes advertised by a certain little gecko, but it’ll be time well spent to protect the things that matter most to you.