Could You Be Overpaying for Insurance?
When was the last time you actually reviewed your insurance policies? In this episode of Ask Ralph , Ralph encourages listeners to stop letting automatic payments and brand loyalty lead to wasted money. From car insurance to renters and homeowners coverage, rates can creep up year after year, especially if you've never taken the time to compare. With practical guidance and spiritual insight, Ralph challenges you to be proactive, faithful, and diligent with this major expense. If you’re looking to trim your budget, start by asking if you're overpaying for insurance.
Check out the full podcast episode here
You’ll learn how to review your current coverage, identify possible discounts, and gather accurate comparison quotes without getting overwhelmed. Ralph outlines a simple four-step action plan to schedule your review, prepare with the right documents, and take meaningful steps toward potential savings. With encouragement rooted in stewardship and a reminder that small actions create big wins, this episode empowers you to take control of your coverage and your financial peace.
Chapters:
- 00:12 - Investigating Insurance Savings
- 02:08 - Understanding Insurance Costs and Savings
- 02:54 - Effective Insurance Stewardship: Strategies for Cost Savings
- 05:15 - Preparing for an Insurance Review
- 07:31 - Taking Practical Steps in Insurance Review
- 07:42 - Defining Your Financial Goals
Takeaways:
- Insurance premiums can sneakily add up over time, so don’t let them rob you blind!
- If you haven’t shopped your insurance rates lately, you might be wasting a ton of cash!
- Taking a few moments to review your insurance can lead to major savings in your budget.
- Comparing quotes is key; make sure you’re comparing the same coverage and not just playing guessing games!
- Scheduling time to review your insurance is a game changer; it keeps your finances sharp and savvy!
- Finding discounts and updating your policies can free up money for things that actually matter to you!
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00:00 - Untitled
00:51 - Untitled
01:03 - Investigating Insurance Savings
02:59 - Understanding Insurance Costs and Savings
03:46 - Effective Insurance Stewardship: Strategies for Cost Savings
06:07 - Preparing for an Insurance Review
08:22 - Taking Practical Steps in Insurance Review
08:33 - Defining Your Financial Goals
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Those insurance premiums, car home, renters, they add up, right?
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When was the last time you actually shopped around or checked?
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If you're getting the best deal, you might be leaving
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hundreds of dollars on the table.
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Let's investigate that today.
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Hey there, and welcome back to Your Daily Ask Ralph.
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I'm Ralph.
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Great to have you here as we continue our series.
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The Joy of Living Below Your Means, still working to break that cycle of
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financial shame and do it with confidence.
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Now, yesterday we put savings on autopilot Today let's take a
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look actively at finding savings on those big necessary expenses.
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Think about your insurance for a moment.
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Car insurance, homeowners or renter's insurance.
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You pay those premiums regularly, maybe monthly or every six months, or maybe for
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you once a year, but when did you last compare rates or review your coverage?
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Maybe it feels like it's too much of a hassle to shop around.
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Maybe you've been with that same company for years out of loyalty
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or maybe just plain inertia.
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I'm guilty with that.
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Perhaps you just assume your current rate is fair or you're afraid of
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making a mistake if you switch.
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So the bill gets paid automatically, maybe even creeping up year after year
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without even having a second thought.
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Well, that passive acceptance of insurance costs potentially leading
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to significant overspending.
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'cause you haven't reviewed your policies or shop for better rates recently.
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That's the single issue we're addressing on today's show.
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Here's the thing, you gotta understand insurance is necessary.
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The cost for the exact same coverage can vary dramatically between companies.
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Factors change like your driving record.
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Maybe your home's value went up, or maybe there's available discounts or
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maybe just pure market competition.
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Staying with the same company year after year without checking alternatives
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often means you're missing out on substantial savings and wise.
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Stewardship involves periodically reviewing these major financial
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commitments to ensure you're not overpaying, and more importantly that your
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coverage still fits your actual needs.
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It requires diligence, but the potential payoff is often significant.
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So what can we do?
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How can we make sure we're not throwing money away on insurance premiums?
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How do we ensure we have the right coverage at the best possible price?
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Well, you know, I've got an answer, and the single money saving solution
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is to commit to Periodically reviewing those insurance policies and actively
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shopping around for competitive quotes.
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Look, doing this doesn't have to be overly complicated.
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I'm gonna lay out a few simple things that you can do right away.
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First thing I want you to do is focus on one policy.
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Just start with one major policy like your auto insurance.
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The next thing you're gonna do is review your needs.
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Ask yourself, does your current coverage still make sense?
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For example, do you need comprehensive on a very old car?
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are your liability limits appropriate?
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I had a friend once whose comprehensive coverage cost more in
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a year than the value of the car.
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Obviously didn't make any sense to keep doing that.
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Another thing you can ask about is discounts.
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Call your current provider and specifically ask them to review your
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policy for every single possible discount you might qualify for.
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You might also consider doing one of those, what they call defensive driving
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courses, if they have those in your state.
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I know my wife and I did that a few years back, and it saved us quite a few bucks.
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Another thing you can do is get comparison quotes.
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You gotta actively seek quotes from one or two other reputable
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insurance companies and make sure it's for the identical same coverage.
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You want to compare apples and apples online quotes.
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Make this easier than ever.
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And like I said, you wanna compare apples to apples.
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Make sure you're comparing the same deductibles and the coverage
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limits when looking at prices.
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So the big solution is diligent comparison.
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Review and shop your insurance.
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Okay, well this action takes a little dedicated time, so I'm
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gonna encourage you to schedule it.
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Here's your one action step for today.
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Number one thing I mentioned, choose your target policy.
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Decide which insurance possibly you're gonna review first.
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You know, a lot of times auto insurance is a great place to start.
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Sometimes it's one of the most expensive insurances that we pay.
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Second thing.
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Schedule that review time.
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Look at your calendar today and block out about 30 or 60 minutes sometime in
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the next week, you know, maybe Saturday morning or an evening after work.
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And just specifically make it for this task.
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Put it on your calendar, review car insurance and get quotes.
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And remember what I always say.
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What gets measured gets done.
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Third thing you wanna do is prepare.
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You wanna find your current policy documents.
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You wanna look for that declaration page.
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It's gonna show the coverages and the cost, and you wanna do that
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before your scheduled time, so you're ready when you have that call
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or when you do that online quote.
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And then number four, during that scheduled time, start by
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calling your current insurer.
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Review your coverage with them.
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Ask about all the discounts.
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You might even ask them about some comparison, quotes, some of the.
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Insurance companies actually will give you those.
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But go and get one or two comparison quotes, whether you do that
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online or on the phone, and make sure it's for the same coverage.
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And then just compare honestly and see if making a switch makes sense to you.
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Now you might be asking Ralph, why.
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Why bother scheduling this review?
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Well, here's why.
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Because it directly combats the concern of potentially overspending hundreds of
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dollars each year just due to inertia.
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It empowers you with information about the competitive rates for insurance.
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I. It also ensures your coverage is appropriate for your current situation.
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I don't know, Hey, times things change and people don't update their
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insurance, and finding significant savings here can free up substantial
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money for other goals, maybe debt payoff, or saving or even giving to
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your favorite charitable organization.
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Well, let's pray.
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Father God, thank you for the protection that insurance can provide.
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Lord grant us wisdom and diligence as we manage these necessary expenses.
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Help my friend right now listening today as they schedule
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time to review their policy.
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Lord, give them clarity as they compare coverages and costs and and favor
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as they seek potential discounts or even better rates.
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May they be good stewards in this area, ensuring that they are adequately
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protected without overspending, freeing up resources for your purpose.
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And we thank you so much for your guidance in these practical matters,
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and we ask this in Jesus name.
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Amen.
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Alright, we'll get that review time scheduled.
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Don't put it off, put it on your calendar today because here's
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what I always say on this show.
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Intentions don't get you to the finish line, but actions do.
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And if you can invest just 30 or 60 minutes, it could potentially save
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you hundreds of dollars a year.
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I dunno about you, but I think that's time well spent.
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It's time to be a savvy insurance shopper.
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Okay, well we've taken so many practical steps.
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Now let's talk about the why behind it all.
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Be sure to join me back here on tomorrow's show in the as Ralph,
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where we're gonna ask this question.
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What's your specific financial goal?
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Right now we're gonna talk about defining a clear target to give all of these
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actions we've been taking more purpose.
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That's on tomorrow's show, and if this episode motivated you to
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check your insurance rates, do me a favor and share it with somebody.
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You can find resources and links in the show notes at our new website,
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financially confident christian.com.
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So until tomorrow, Stay covered and keep seeking him first, and let's
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keep working to become financially confident Christians, stay
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financially savvy and God bless you.
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Have a great day, and again, don't forget to schedule that insurance review.
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You might be leaving money on the table.
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Have a great day today.
