Insurance Company Loyalty

Discussion in Auto Insurance started by RaineyDay477 • Jul 9, 2015.

  1. RaineyDay477

    RaineyDay477New Member

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    My husband and I have been with the same auto insurance for close to 20 years now. I've never shopped around and thought that if we were long standing customers that when problems may arise, or our kids became drivers, that the company would work with us. Now, I'm beginning to think this is naive and I wonder if I should start shopping around.

    Are you loyal to your IC, or do you shop different companies every year?
     
  2. Ke Gordon

    Ke GordonWell-Known Member

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    Yes, I think you should shop around. My ex husband used a particular company Liberty Mutual for years. He was brand loyal, but they kept jacking up the rates on him so eventually he was forced to change insurance companies. Brand loyalty doesn't seem to mean anything to the insurance company so why should it to you?
     
  3. Pat

    PatWell-Known Member

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    I also suggest you shop around for compare prices. Keep in mind that the cost of your insurance is based on the type of car you are driving and your driving history. If you have had accidents and have become a bigger risk of lose to the company there is a good chance your insurance will go up no matter how long you have been with the company. It would not hurt to call your agent and ask if you can get a reduced cost because you have been so loyal to company.
     
  4. Diane Lane

    Diane LaneWell-Known Member

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    Brand loyalty seems to work one way these days. Many companies are happy to take advantage of customers' loyalty to them, yet don't seem to feel they should do the same. I've been with my company for years, mainly because I like dealing with them, and the payment set up is convenient for me. However, if my situation changes, I will look around, since my rates should be lower than they are currently, based on my driving history and the amount of travel I do.

    It doesn't hurt to look around, but make sure you know exactly what you have, and what you want, before comparing, so you're comparing apples to apples, not apples to crab apples.
     
  5. ohiotom76

    ohiotom76Well-Known Member

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    Honestly, your insurance carrier doesn't really think of you on a one to one personal basis. Once they have you on board as a customer, they are banking on you sticking around for a few years and not switching. They know many people don't want to be bothered constantly comparing rates and filling out different forms from different carriers to make sure they aren't paying too much. You're basically a statistic to them. Over time you become more and more profitable to them because they have you on their book of business and they no longer have to pay to market to you and get you on board as a customer.

    It never hurts to compare rates, and it's really something you should be doing on a regular basis. Just be certain that you are getting the exact same coverage for the price - if they are simply lowering your benefits to bring the overall price down, you should pay attention to that, so you don't get caught off guard should you need to make a claim.
     
  6. SLTE

    SLTEActive Member

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    Yeah, totally this. Even outside insurance, companies seem quite content to not give a fig about long-standing customers, despite claims to the contrary. I find that threatening to leave is one of the best ways to get what you want, which is a rather sad state of affairs.
     
  7. gata montes

    gata montesActive Member

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    Yes I too would agree - that as there is no such thing as customer loyalty from any company these days and even less so when it comes to insurance companies - it is always wise to shop around for the best deals each year - before even thinking of renewing a policy with the same insurer - otherwise you stand the chance of paying way more than you need to and sometimes for what can be an inadequate policy - particularly as - its often not just the price of the policy that increases dramatically each year - but also the terms of the policy that change too.
     
  8. Spectre456

    Spectre456Active Member

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    Insurance companies are rarely loyal to you, so I see no reason to stay with it if you can find one that gives you a better deal. Shop around and see what you find, you might save some money in the long run.
     
  9. xTinx

    xTinxWell-Known Member

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    Well if you've had a good experience with that insurance company, then there's no huge reason for you to severe ties. That's why before making a purchase decision it would be great to compare prices and read reviews. This will help you mull over things and approach the right provider, who'll in turn present you with a plan that suits your needs.
     
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