Eric Edelstein

Here’s my tip for the weekend: If you have a car, then check your car insurance quote and make sure you’re not overpaying.

A few weeks ago, I suddenly clicked that my car insurance amount hadn’t come down for years. Because I drive a convertible, I pay a lot for car insurance, and I thought “my car is now a couple years older, and worth considerably less than when I bought it, so why isn’t my insurance premiums cheaper?”

I wish I had thought of that simple question earlier!

When I called up my car insurance company, they said to me:

1. yes, you should be paying a LOT less, now that the book value of your car is less AND

2. It’s up to you to call us each year to ask us to revalue your car

I said to them that since THEY were the ones telling me each year what my new value of my car was, surely they can work out my new insurance rate each year.

“ummmmm. Nope. that’s not the way it works” they replied.

I worked out the amount of additional car insurance i’ve paid over the last few years, by not calling them regularly to revalue my car.

So my tip to you is: “Call your car insurance company TODAY to ask them what the new book value on your car is, and whether your insurance premiums can be reduced on the lower book value!”.

From now on, my NEW YEARS present to myself will be to call up my car insurance company!

(and perhaps at the same time I’ll make it a habit to get some competitive car insurance quotes to see i’m getting the best deal)

Now GO CALL your car insurance company!