by grace4terry » Fri Jan 14, 2011 02:11 pm
Are there any benefits for staying with an auto insurance company for many years? Does it look better (should you come up with any auto insurance needs) if you have 10+ years with one car insurance? Or does none of that really matter? I recently switched from one car insurance, that I have had for over 15 years, because of a car accident that I had over years ago. My insurance kept going up higher each year. So, I had to research and find an insurance company that I could actually afford.
Posted: Fri Jan 14, 2011 09:45 pm Post Subject:
The only advantage to staying with an insurance company for several years is to obtain a "longevity discount" of 3%-5%. You may save more money by changing to another insurer offering a lower premium for the same coverage.
Also, some companies are now offering "accident forgiveness" if you have been insured with them for two or more years.
If your rates were going higher each year, and you had no claims, then . . . your rates were going up each year. It happens.
I had to research and find an insurance company that I could actually afford.
Hopefully, you are carrying more than the required minimum coverage. To carry only the state minimums is a mistake most people cannot afford to make.
Posted: Mon Jan 17, 2011 08:38 am Post Subject:
Hi,
Surely you will get benefit. As you can get discount. Every company has their own rules of giving discount.
As I am still with the same insurance company AXA from last 3 years and I am also getting discount.
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Breakdown Cover
Posted: Fri Jan 21, 2011 03:20 pm Post Subject:
i know several companies offer substantial discounts for longevity, even to customers that are interested in swapping. If I have a prospect that has 5 or more years with the same carrier, he qualifies for a better rate that someone that bounces around. Companies rates are based on a lot of factors, rate increases happen, but so do decreases. Sit down with your agent and review your coverages, he may have some options, a new product, or something to offset the increase. If not, he can probably recommend another local agent that can help you. I'd much rather send my customer to another agent I trust than an 800# or .com.
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