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Are you a good switcher?

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    Are you a good switcher?

    Obviously switching financial products provides the opportunity to get better deals, but it takes effort both in research and action, so inertia prevents many from making the switch.

    Are you a good switcher?

    #2
    I certainly switch my money market accounts frequently based on interest rates. It does get to be a hassle sometimes, but it's worth it to get more money!

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      #3
      Nope. I'm a lousy switcher. I procrastinate terribly and it often costs me a fair amount of money as a result. Just yesterday, I opened a new brokerage account because my current company has been charging me a $15 quarterly account maintenance fee. I've been meaning to switch for a long time, since that fee started, but just never did.

      I also know I am overpaying for both life and auto insurance. I've made some effort to get quotes but haven't yet followed through to change coverage. In fact, on the way home from the broker yesterday, I was saying just that to my wife. We could probably save $500/year or more if I would get off my butt and switch those two things.
      Steve

      * Despite the high cost of living, it remains very popular.
      * Why should I pay for my daughter's education when she already knows everything?
      * There are no shortcuts to anywhere worth going.

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        #4
        I try to switch out of principle, but do it less than when I was younger because it is time consuming and sometimes just not worth the effort to gain a percentage point. But if its a big differential I'll do it...

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          #5
          I have no mercy when dealing with insurance switching, especially the ones that jack up rate a few months into the contract after agreeing on the annual rate. Just because they claim they sent me a memo about it doesn't give them a right to jack up rate. Allshady insurance agreed on a 487 a year rate for my house but jacked it up to 589 3 months into the contract without me knowing because my escrow bank pays them. I only find out about the rate hike when they jacked it up again right before renewal to 670. But they claim their rate increase is because on mandatory state requirement. Yeah right. Going from 487 to 670 is about 45% increase, no state allows such increase on a good standing policy with no claim.

          Allstate, aka Allshady, is a scam. Same goes for Geico. 15 mins on the phone will get your rate to go up. I called them to switch address 10 miles away and my rate went up 60%. They says I would be driving more now even though I told him total mileage driven will be less since I'll more inclined to stay home where more shopping are available instead going into town 3-5 times a week to get stuffs since there is nothing where we lived before. So I switched right over the phone and they begged me to stay since I had been member for 16 years and had no claims and they want to only increase for only 25% the first year to offset any cost burden because they care. I told they to switch right away and go away.
          Last edited by nick__45; 12-08-2010, 12:45 PM.

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            #6
            bad switcher here. i have a problem of justifying the "loss" via active work income, or telling myself "well, i earned enough this month to render that lost money a relatively small amount", but lost money is lost money.

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              #7
              I am a middle of the road switcher! I take my time researching, but set a priority based on costs as to when I switch. Approximately, 2 years ago, I gave up my telephone land line and use my cell as my primary phone. I am saving $25/mo.

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                #8
                Not a great switcher. If I'm happy with the service or have had no problems, I'm not that inclined to search out a better deal. I probably should have my money in a bank with better interest, at the least. I feel okay about my car insurance, but no true idea.

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                  #9
                  Not too good at it. I know that I could probably get lower fees with a different broker, but I like my rep. Auto insurance is something that I actually looked into, but I can't get a better deal, so no point in switching.
                  Brian

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                    #10
                    In the past, I've moved our savings from one bank to another to chase a better interest rate, but it seems they are all so low now that it's not worth the effort. I've been with the same insurance agent for so long that I already get all kinds of discounts.

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                      #11
                      In September I switched car loans - first time I have ever done that. Went from 12.4% to 4.49 for a $8k loan. Reason for initial high rate was no credit history due to moving to the US

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                        #12
                        I'm merciless once I realize there's a better deal. I immediately get on the phone and start negotiations. Anytime rewards or interest rates change, I'm all over them. If you don't educate yourself, you will be abused.

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