Call Your Insurance Company and Ask for Better Rates
Insurance companies rely on customers accepting their renewal rates without question. Calling to ask for better rates often works because retention is cheaper than replacing customers who leave for competitors.
You're not asking for charity. You're asking the company to review your situation and apply any discounts you're eligible for but weren't automatically given.
Choose one insurance policy to review this week. The best candidates are policies where rates increase over time or where your situation has changed in ways that might qualify you for lower premiums.
Auto insurance. Rates often increase at renewal even when your driving record hasn't changed. If you've gone a year without accidents or tickets, drive fewer miles than you used to, or completed a defensive driving course, you might qualify for discounts you don't currently have.
Home or renters insurance. If you've improved your credit score, installed security systems, or bundled multiple policies with the same company, you might qualify for rate reductions.
Life insurance. If you've lost weight, quit smoking, or your health has improved since you purchased the policy, some companies will re-evaluate your premiums.
Before you call, gather information:
Know your current premium and what coverage you have. Look at your most recent bill or policy documents.
Check what competitors are charging for similar coverage. Online comparison tools give you a general sense of market rates in under ten minutes.
Note any changes in your situation that might qualify you for discounts: improved credit score, security upgrades to your home, fewer miles driven annually, policy anniversary milestones.
When you call, ask to speak with someone who can review your policy for available discounts. Use this approach:
"I'd like to review my policy and make sure I'm getting all available discounts. My situation has changed since I originally purchased this coverage, and I want to ensure my rate reflects that."
This frames the conversation as verifying you're getting what you're entitled to rather than demanding something you don't deserve.
The representative will likely ask what's changed. Be specific:
"I've been accident-free for [X years] and haven't filed any claims."
"I'm working from home now and driving significantly fewer miles."
"I improved my credit score by [X points] since I purchased this policy."
"I installed a security system / smart home devices that might qualify for discounts."
"I'm bundling multiple policies with your company now."
If the representative can't offer lower rates, ask about adjusting your coverage:
"Would increasing my deductible lower my premium?"
"Are there coverage options I'm paying for that I might not need?"
"What discounts am I currently not receiving that I might qualify for?"
Sometimes the savings come from removing coverage you don't need rather than getting discounts. For example, if you're still paying for rental car coverage through insurance but rarely travel, dropping that coverage might save more than any discount.
Be careful about reducing coverage too much. The point isn't having the absolute cheapest insurance possible, it's paying a fair rate for appropriate coverage. Don't drop liability limits or essential coverage just to save a few dollars monthly.
If your current company won't offer better rates, that's useful information. Get quotes from at least two competitors. If you can get comparable coverage for less elsewhere, switching is the right financial decision.
When you successfully negotiate a lower rate or find better coverage elsewhere, document:
Your new premium amount
What changed (discounts added, coverage adjusted, company switched)
When the new rate takes effect
Whether you need to do anything to maintain the lower rate (annual mileage reporting, continued bundling, etc.)
Set a reminder to review your insurance rates again in twelve months. Rates change, your situation changes, and discounts you qualify for today might not apply next year. Annual reviews ensure you're always paying fair rates.
One insurance policy. One phone call. One potential reduction in monthly expenses that adds up over years of coverage.
