How I Almost Saved $300 In Under 10 Mins

By | February 7, 2019

Ok so the title might be a little click-baity but I do have a couple savings to share with you. I think all of you will like it.

So today, while at work, I received an email on my personal email address. It was from my bank (let’s call them Bank 2) and I thought it was important so I opened the email. To my surprise they were offering a discount to their “loyal” customers for home and content insurance. I thought great, I’ll take a look at their quote and see if I can do better.

Currently, I pay $74.24 a month (Bank 1) for my home and content insurance (house replacement insurance is expensive in Australia!) After taking a 5 minute quote test on Bank 2’s site, it turns out they were willing to insure me for $53.74 a month. This was a like-for-like policy. Same excess, same cover cost and overall a very similar policy. So what did I decide to do? I called my insurer (Bank 1) to tell them about my amazing savings offer.

I called my current insurer, Bank 1, and told them I was able to get a significant discount on my current monthly insurance. The nice bloke on the other end (Kevin) asked for some more details, I told him the exact details, like-for-like policy and told him the price they gave me. I simply asked “are you guys able to do any better than that for me?” He asked me to be put on hold and I agreed. He came back within a few minutes and told me he was now able to do $53.16, slightly cheaper than Bank 2’s quote and also saves me the hassle of all paperwork signing.

Overall, I was able to save $21.11 a month or $253.32 a year on my home and contents insurance…. all in a matter of a 7 minute phone call!

I was on a roll, so I decided to take a look at my phone plan. I currently pay $35 a month for a sim only plan and get unlimited calls and texts within Australia and 15Gb of data. I was able to go online and get a better deal with the same company for $31.50 a month getting the unlimited plan and getting 30Gb a month. Excellent saving again. Saving me $3.50 a month or saving $42.00 a year.

Overall, I have saved $295.32 in savings from making a 7 minute phone call and checking something online for a couple minutes. At my current yield of my dividend portfolio of 4.84% this would yield me an extra $14.29 in forward dividend income, so as you can see, every little bit helps!

4 thoughts on “How I Almost Saved $300 In Under 10 Mins

  1. DivvyDad

    Great job, it’s always nice to save some money on those recurring expenses. I do this annually for my internet and TV providers, but really need to include our insurance provider as well (both home and car insurance).

    Reply
  2. Brian Kehm

    Agreed on the click-baity title… but definitely worth the read. It has reminded me to always look for a better deal no matter the type of company. Lot’s of companies offer discounts to stay competitive to keep customers.

    Reply
    1. Buy - Hold - Long Post author

      In saying that, the title is kind of correct so maybe not so click-baity.
      I totally agree. Good competition is always healthy for business.

      Reply

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