Many years ago, my employer made a deal with Liberty Mutual insurance by which we would get "discounted" rates, and our premiums could be paid by payroll deduction (an equal amount every month taken out) if we signed up with Liberty Mutual. Since I hate paying bills and the premiums were about what I had been paying anyway, I signed up.
I left that company long ago (we are now paying our premiums by check, once a year), and every letter I get from Liberty Mutual reminds me that I am still getting those great discounts as an employee of "U. S. Filter" (which hasn't existed for several years). With the relationship established, I later added motorcycle insurance, homeowners, and a personal liability umbrella policy. You can see that I have an extensive relationship with Liberty Mutual.
From my perspective, they have been a very good company. We have had a few minor claims that were handled quickly and effectively, and they have a good tolerance for my habit of changing cars and motorcycles frequently. Their call center people are quick, friendly, and extremely helpful.
But I opened the bill from Liberty Mutual the other day and got a shock. My wife and I are paying almost $4,000 per year to insure our three cars (MC not included), one of which is in storage 6 months a year. We are old, have no chargeable accidents or moving violations, and don't drive "fancy" cars. I was stunned. ( I guess I should mention that we have a 2013 Honda CRV, a 2006 Chrysler PT Cruiser, and a 2004 Nissan 350Z).
I made a copy of the policy summary and sent it to a local agent from another reputable company which I will not name (wouldn't want anyone to think I'm advertising for them). Save coverage - Exactly the same coverage, for $1,850. PLUS, this guy can save me an additional $300 per year because my Z-car is in storage every Winter. So I sent him my MC policy to compare: $180 vs. $280 (savings). Homeowners: $800 vs $1,500 (savings), with much higher limits. WTF? (I haven't located the umbrella liability policy, but I assume that will be cheaper as well).
I'm going to save about $3,000 just by changing companies! And I confirmed that the coverages are exactly the same, except for the homeowners, for which the new guy is giving me greater coverage at the lower rate. (He has a standard formula where he calculates replacement cost according to square footage and zip code).
In retrospect, I probably should not have included the current premiums with my emails to the new guy. He might have just shown me a couple hundred dollars savings and hoped I'd jump for that. It gives me a good feeling that he didn't do that.
The lesson here is ALWAYS COMPARE YOUR RATES. I was stupid for going so long without cross checking my premiums against at least one other company. Who knows how many thousands of dollars I've spent with these guys because I was too lazy to handle my own financial affairs as diligently as I handle my employer's business affairs. If I made a mistake like that at work, I'd fire myself.
I left that company long ago (we are now paying our premiums by check, once a year), and every letter I get from Liberty Mutual reminds me that I am still getting those great discounts as an employee of "U. S. Filter" (which hasn't existed for several years). With the relationship established, I later added motorcycle insurance, homeowners, and a personal liability umbrella policy. You can see that I have an extensive relationship with Liberty Mutual.
From my perspective, they have been a very good company. We have had a few minor claims that were handled quickly and effectively, and they have a good tolerance for my habit of changing cars and motorcycles frequently. Their call center people are quick, friendly, and extremely helpful.
But I opened the bill from Liberty Mutual the other day and got a shock. My wife and I are paying almost $4,000 per year to insure our three cars (MC not included), one of which is in storage 6 months a year. We are old, have no chargeable accidents or moving violations, and don't drive "fancy" cars. I was stunned. ( I guess I should mention that we have a 2013 Honda CRV, a 2006 Chrysler PT Cruiser, and a 2004 Nissan 350Z).
I made a copy of the policy summary and sent it to a local agent from another reputable company which I will not name (wouldn't want anyone to think I'm advertising for them). Save coverage - Exactly the same coverage, for $1,850. PLUS, this guy can save me an additional $300 per year because my Z-car is in storage every Winter. So I sent him my MC policy to compare: $180 vs. $280 (savings). Homeowners: $800 vs $1,500 (savings), with much higher limits. WTF? (I haven't located the umbrella liability policy, but I assume that will be cheaper as well).
I'm going to save about $3,000 just by changing companies! And I confirmed that the coverages are exactly the same, except for the homeowners, for which the new guy is giving me greater coverage at the lower rate. (He has a standard formula where he calculates replacement cost according to square footage and zip code).
In retrospect, I probably should not have included the current premiums with my emails to the new guy. He might have just shown me a couple hundred dollars savings and hoped I'd jump for that. It gives me a good feeling that he didn't do that.
The lesson here is ALWAYS COMPARE YOUR RATES. I was stupid for going so long without cross checking my premiums against at least one other company. Who knows how many thousands of dollars I've spent with these guys because I was too lazy to handle my own financial affairs as diligently as I handle my employer's business affairs. If I made a mistake like that at work, I'd fire myself.
