this post was submitted on 19 Dec 2023
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You should always rate shop on a regular basis. There is no such thing as loyalty to an insurance company. I cannot think of any corporate entity with less loyal than an insurance company.
Yes, there are a million things I should be doing, if you watch the financial advice. But no one really has the time to do all of those things. And you have to watch that you're getting an actual quote from the company, not just a pre-quote that can be revised later. It's a lot of time and work.
Also, with the horror stories I hear about other companies, I'm inclined to stick with mine even if they are a bit more. When our car was totaled a few years ago, they offered exactly what similar condition cars of the same make and model were selling for in our area, plus tax and fees, minus our deductible. We had done the research, and I was bracing for a fight, so I was stunned when they opened with that amount, then added the taxes and fees. We literally could have taken the check we received, plus our deductible, and replaced the car with one in similar condition and mileage (I wish we had, because I really dislike the car we bought instead). I see the horror stories people post about other companies, and I'm always thinking, "yeah, that wasn't my experience."
Here's where the loyalty part comes into play: if the insurance company doesn't like something, they can and will drop you or refuse to renew your policy depending on relevant laws. They might have decent service and pay claims without much of a fight, and those are incredibly valuable service qualities. So you're making the right decision for yourself if that's what's important to you and that's the experience you've had.
But if all things are equal, there's no good reason to pay a higher premium for the same service. You better believe that insurance company will drop you in a heartbeat if their analysis indicates that they won't have the level of profit from you that they want. As a for-profit business, that's their perogative just as much as it's yours if you want to switch.
I tend to agree with you by the way. Loyalty comes in many forms. I might not be loyal to a company per se. If they've consistently provided me with a level of service that I'm satisfied with at a price that I feel is appropriate for the value, then I'm not going to go through the trouble of checking prices and switching carriers every year just to save a few bucks. And there's the hassle of being hounded by a half dozen companies that now have your contact info after you requested quotes. That's all a big no thanks from me.
It's not really loyalty, per se...it's that they seem to be offering a reasonable price and good service, so I don't see a reason to change. If some other company offered much better rates for the same coverage and service level, I'd switch. But I'm not spending hours and hours each year to find I might save $50/year either; that's a waste of my time.