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The Cost of Loyalty?

By July 1, 2015June 8th, 2020Insurance

Are you being overcharged for insurance from the insurance company you have remained loyal to? A recent study conducted by the Texas Office of Insurance Counsel found that drivers can get lower premiums on car insurance by shopping around rather than remaining with a single company for a long period of time. In fact, the study found that “a consumer who has stuck with the same auto insurer for eight years could cut the premium by 19% by switching” according to an article by the Insurance Journal. Many customers are unaware of this difference, and some simply become falsely complacent with their current insurance provider. In fact J.D. Power and Associates found that the great majority of customers do not switch insurance carriers despite rising premium costs.  And of those who did shop around, only about a quarter switched carriers. It is important for drivers to price policies from various companies and in doing so ensuring that they are not being overcharged for comparable coverage they could find elsewhere.

Auto Crash

It is equally important for drivers to recognize that no two insurers are the same in regards to customer service and notoriety. By pricing coverage consumers only stand to benefit. It is recommended that you periodically check the current rates of carriers in the marketplace to decide whether you are overpaying for your insurance with your current carrier.

Remember, only three things can happen by obtaining additional quotes:

1.) You  to save money on your current car insurance costs.

2.) Your current carrier becomes more aggressive in an effort to retain your business.

3.) You confirm that your current carrier offers the lowest rates available.

For more information or a quote on your auto insurance contact our office at 877-428-8778