"Wobbles the Mind" (wobblesthemind)
08/14/2017 at 18:23 • Filed to: Updates
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"Wobbles the Mind" (wobblesthemind)
08/14/2017 at 18:23 • Filed to: Updates | 8
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I just saved a ton of money on my car insurance by switching to another provider! I’m for serious!! My insurance is now (starting tomorrow) cheaper by $225 a month, aka $1,350 every 6 months, aka $2,700 annually, aka uncle Wobbles can stop wearing his underwear inside-out on Mondays and Thursdays.
While we are on this finance update, here is the revisited outlook for !!!error: Indecipherable SUB-paragraph formatting!!! in order to continue to keep myself accountable:
2017
Amanti: Paid Off - Feb ‘17 (42 Months Total)
*Debt Savings: $200 per month - Mar ‘17
Personal Loan: Paid Off - May ‘17 (23 Months Total)
* Debt Savings: $450 per month - Jun ‘17
[[New Personal Loan: Start Aug ‘17]]
Student Loan: Pay Off w/Savings Dec ‘17 (66 Months Total)
2018
* Debt Savings Restart: $500 per month - Jan ‘18
New Personal Loan: Pay Off w/Savings - Jul ‘18 (11 Months Total)
*Debt Savings Restart: $700 per month - Aug ‘18
2019
Grand Cherokee: Pay Off w/Savings - Dec ‘19 (50 Months Total)
2020
*Debt Savings Restart: $1,075 per month - Jan ‘20
2021
XF: Pay Off w/Savings - Feb ‘21 (58 Months Total)
*Debt Savings Restart: $1,520 per month - Mar ‘21
The Grand Cherokee could very well be moved up 12 months to be paid off in December of 2018 if I get obsessive over this stuff. The XF would likely be traded for...well we can all make guesses on that subject.
I’ll do the next update in late December. The goal is to get to $1,100 in monthly savings — to go towards whatever Im saving towards at the time, probably paying off a house — so once the XF is done Id have $420 a month ($5,040 annually) that can go anywhere. True discretionary income.
Full of the sound of the Gran Fury, signifying nothing.
> Wobbles the Mind
08/14/2017 at 18:31 |
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Yikes! I was just looking for new insurance today because I was pissed at paying $1,554/yr for full coverage on the Mazda5. I still feel like I’m being punished for not having insurance 5 years ago WHEN I WASN’T DRIVING and for a dip in my credit score when I was unemployed a couple of years ago. I’ve gotten older, haven’t had a ticket in over 4 years, yet my rates keep going UP. I can probably do better...
victor
> Wobbles the Mind
08/14/2017 at 18:31 |
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Wait, 2700 annually covers what? 2 cars?
I ask this because full coverage for insurance for 2 cars for me with 50k+ replacement value and ridiculously full coverage is only approx. 2200 annually.
We are both over 30 though.
Nick Has an Exocet
> Wobbles the Mind
08/14/2017 at 18:39 |
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Congrats. Epic plan.
I paid off all of my debt this year. I currently carry none and my credit score is dropping like crazy. Unfortunately, I live in the Bay Area and at my current pay level ( almost low enough to qualify for housing assistance for San Francisco - the cut off is $100k/yr ) real estate is not an option.
So now I’m looking for a 3rd car or something. As a single person.
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Wobbles the Mind
> victor
08/14/2017 at 18:53 |
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No, it’s $2,700 OFF my old annual rate. You underestimated the extreme of my username. I’m going from about $4,000 annually across the Jeep and Jaguar to $1,300 annually. All because I never switched car insurance providers since I started driving a decade ago. I also run very high coverage limits since it’s required by my work.
Carbon Fiber Sasquatch
> Wobbles the Mind
08/14/2017 at 18:57 |
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As a former insurance agent, get requested in two years and every year after that. You’ll probably save even more again
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Wobbles the Mind
> Full of the sound of the Gran Fury, signifying nothing.
08/14/2017 at 19:01 |
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That “[[New Personal Loan]]” was taken out to payoff all my credit card debt ($5,500) in order to instantly increase my credit score by 40 points before checking insurance. This is the same move I’ve done anytime I wanted to maximize my score by 30-50 points in less than five days (when I have credit card debt).
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Wobbles the Mind
> Carbon Fiber Sasquatch
08/14/2017 at 19:08 |
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And now I understand! Is there a reason why insurance companies do their best to move people around to a different provider rather than encourage keeping customers that don’t make claims? I know there is a system to this.
gin-san - shitpost specialist
> Wobbles the Mind
08/14/2017 at 19:15 |
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$1300 for two cars is great - these kinds of prices are basically unheard of in Ontario unless you have older vehicles with minimal coverage.
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Carbon Fiber Sasquatch
> Wobbles the Mind
08/14/2017 at 19:22 |
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The longer you stay, the less likely you are to leave, so they slowly raise your rates. It’s subtle too. Instead of raising your rates by $10 a month for your new car, it’s $15. That adds up quick. You may eventually leave but by that point think of all the extra premium they got from you.
You can’t change all the time though because then you’re “unstable” and the longer you’re with a company (up to ten years), the bigger the discount that a competitor will give you because you probably won’t leave them anytime soon.
The sweet spot is 2-3 years per company before you should shop around again. And never use a universal agent unless it’s yourself lol. Universal agents inherently have little incentive to get you the lowest price as they get a percentage of your premium.
And that’s just the tip of the iceberg, it’s actually really uh, sleazy. I only did it for 6 months, I couldn’t take it
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Full of the sound of the Gran Fury, signifying nothing.
> Wobbles the Mind
08/14/2017 at 19:58 |
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Good idea. I think I’ll have to look into that, although several of the offers I have for bill consolidation loans are at higher interest rates than I have on my current debt, which kind of defeats the purpose, doesn’t it?
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Wobbles the Mind
> Full of the sound of the Gran Fury, signifying nothing.
08/14/2017 at 20:25 |
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Only credit card debt with this method.
pip bip - choose Corrour
> Wobbles the Mind
08/15/2017 at 06:18 |
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save $225 a month?
i don’t pay that for 12 months.