Although analogical reasoning has been assumed to involve insight and its associated “aha!” experience, the relationship between these phenomena has never been directly probed empirically. In this study we investigated the relationship between representational change and the “aha!” experience during analogical reasoning. A novel set of verbal analogy stimuli were developed for use as an insight task. Across two experiments, participants reported significantly stronger aha moments and showed greater evidence of representational change on trials with more semantically distant analogies. Further, the strength of reported aha moments was correlated with the degree to which participants’ descriptions of the analogies changed over the course of each trial. Lastly, we probed the individual differences associated with a tendency to report stronger "aha" experiences, particularly related to mood, curiosity, and reward responsiveness. The findings shed light on the affective components of analogical reasoning and suggest that measuring affective responses during such tasks may elucidate novel insights into the mechanisms of creative analogical reasoning.