Financial Challenge – Day 8 Appendix

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This is a possible update for the Day 8 Financial Challenge where you compared insurance rates. I came across this post over at Retire at 30. Basically he said that while looking for car insurance, he first placed the minimum coverage levels into the quote systems thinking that this was what he currently had ($25,000 for personal, $50,000 for accident and $25,000 for property) for his auto insurance.

Later he found out that his coverage was actually higher than the minimum coverage ($100,000 for personal, $300,000 for accident and $100,000 for property) so he ran the numbers again. When he did, the insurance rates were less for the higher coverage than the minimum coverage. His theory is t


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2 Responses to Financial Challenge – Day 8 Appendix

  1. Retireat30 says:

    I want to emphasize that the difference was noticed when my PRIOR insurance was higher.

    I am also an under 25 male, so that could possibly be the source of this result.

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