Being in the insurance business, it’s not uncommon to run into people who’ve been with their current auto insurance provider for 10, 20, 30 or more years. There could be many factors that determine how long we keep doing business with a certain auto insurance company, such as the agent, the company, rates, and claims experience, to name a few. Although many of us respect allegiance and that’s apart of the American spirit, your auto insurance loyalty could also be costing you more money.
Most of us don’t mind paying more for a better customer experience. How much more is the question? That answer differs with each individual, and buying auto insurance is no different. It’s important to get great coverage at an affordable price, but why pay more for auto insurance than you have to? Next time you sit down to watch your favorite television show, count the number of insurance commercials you see. With many companies vying for your business, the auto insurance market is more competitive than ever. This might be the perfect opportunity to put more money back into your pocket.
How much does auto insurance loyalty pay off in the long run? It’s not easy to always answer that, but affordable rates, great customer service and awesome claims experience may be driving answers. In a survey conducted by J.D. Power for the 2014 Auto Insurance Purchase Experience Ratings, customers who switched auto insurance providers after being with their previous company for 11 years or longer saved on average $426 per year. As compared to $291 per year for auto insurance customers who were with their previous company less than two years.
This information is very useful in determining if your loyalty is paying off. According to the average auto insurance shopper in this survey, the longer you’re with your current provider, the more money you can save by shopping auto insurance quotes.
If it’s been several years or decades since you’ve compared auto insurance, we would suggest starting with us here at QuoteAgents.com. Having a current copy of your auto insurance policy is helpful for getting an “apples to apples” comparison. Remember, there’s no obligation for comparing auto insurance from different companies and your old auto insurance won’t punish for doing so. Do yourself a favor today and try and save some money!