It never ceases to amaze me how certain companies take you for granted as a customer. They make you that great new customer offer and put their best foot forward only to raise the price on you each year you stay with them.
I’ll never forget the first time I comparison shopped my homeowner’s insurance. I had been with the same company for years and thought they were taking good care of me. The comparison quotes told a different story. Each year (without any claims), the cost had gone up and I had just left it alone since it was paid by my mortgage company through an escrow account. Once I began paying for the insurance myself, I felt compelled to see what else was out there. What I found was the same coverage from another reputable provider at half the price I was paying. Now, I shop it each year. If you use an independent insurance agency like the credit union owned agency, you can get multiple quotes to compare.
Another service I shop on an annual basis is my electric provider. This one makes total sense because the price is market driven and if the cost to make electricity goes down, shouldn’t I get to share in those savings? So I make my annual visit to powertochoose.org and select a provider based on current market conditions.
Given present circumstances, travel may or may not be something I shop for soon, but in the good old days we used to travel quite extensively. My wife even started working as a travel agent in her spare time and we discovered that pricing between providers can vary wildly – for the same trips, flights, cruises, hotels etc. With all the online tools available, this one is low hanging fruit.
Time is the only investment
Comparison shopping is a lot like reading this post. It is only an investment of your time. You may learn something or you may not. You may save money or you may not, but the only way to find out is to put in the time.
Post author: Jamieson Mackay, CCUFC
The opinions expressed on this page are for informational purposes only and is not intended to provide legal or financial advice. The views expressed are those of the author of the article and may not reflect the views of the credit union.