Staying with a particular company for years has its own perks. You get to enjoy benefits and receive offers that are otherwise unavailable for new customers. And so you think, it is best for you to be with the same car insurance company.
Being loyal to one insurer is one’s personal choice. With several companies in the industry offering a dozen insurance products, you as the consumer make the final decision which one to trust and for how long. But, contrary to what many people think, there’s also a downside to car insurance loyalty. Let’s discuss them.
Paying higher premiums
Comfort is the primary reason why vehicle owners decide to stick with only one insurer. When you’ve established a relationship with the company, there is always ease in every process. Who wouldn’t want that, right?
But when it comes to premiums, not because the rates didn’t change does it mean you are saving more. Sometimes, the same coverage is offered somewhere else at a lower price. Without checking other available options, you may not be aware but you are already paying more even if the amount is the same.
Existing coverage may not be sufficient anymore
Your insurance needs may not be the same every year. Examine your situation and review if the coverage still meets your requirements. And remember that if your needs and expectations can change so as the policy terms.
The insurance provider may alter and modify the terms and conditions during renewal. It is a smart move to review every line of the contract as well as the fine prints.
Missing out rebates and other discounts
Because of the very strict competition between insurance companies, attractive discounts and different rebates are being offered to insurance buyers. Some of which include a month of premium for free, discounted price on add-ons and riders, etc. Before deciding to keep your loyalty to your existing insurer, check online what you might be missing.