Consumer Reports Warns That "Loyalty Doesn't Pay' When It Comes to Car Insurance
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Car ownership and loyalty often go hand in hand. People become attached to certain makes and models, particular fuel brands, and their neighborhood mechanics. But one aspect you should leave loyalty out of is car insurance.
The most satisfying way to find car insurance
Shopping around for car insurance will pay off much better than favoring a particular company. A recent survey Consumer Reports conducted within its membership makes the point clear.
Of the 23% of the members who said they switched providers in the past five years, 63% said they found a cheaper option, and 78% said they were "highly satisfied" with their new insurance.
Insurance companies are constantly offering new discounts and incentives to consumers, but these are rarely related to whether you’re a current customer. Shopping around lets you take advantage of the latest deals, no matter which company is offering them.
Why loyalty doesn’t pay when it comes to car insurance
When it comes to attracting customers, insurance companies tend to treat customers like fish. They lure you in with deals and discounts, and once you’re hooked, they don’t worry too much about you.
A practice called "price optimization" demonstrates this attitude perfectly. As per Consumer Reports, the term refers to the raising of rates for reasons unrelated to increased risk. California, Florida, Ohio, and Maryland have outlawed the practice, but in most states, insurers can raise rates whenever they want to.
By shopping around at the end of your policy cycle, you can ensure that your current provider isn’t taking advantage of you. Who knows—maybe you’ll circle back to the company you already signed up with because they’re still offering the price that attracted you to them in the first place. But by looking around, you can take the guessing game out of the picture.
How to find cheap car insurance
The factors that affect your premiums the most are your driving profile, the type of car you drive, your credit history, and where you live. Sticking with a particular provider won’t help you keep costs down and can actually end up costing you extra money.
You can’t control everything that affects your insurance costs. Improving your credit score or your driving record can take years. But switching providers is easy, especially with Jerry.
A licensed broker, Jerry does all the hard work of finding the cheapest quotes from the top name-brand insurance companies and buying new car insurance. Jerry will even cancel your old policy for you.
And to ensure you always have the lowest rate, Jerry will send you new quotes every time your policy comes up for renewal, so you’re always getting the coverage you want at the best price. This level of service is why Jerry earned a 4.6/5 rating on the App Store and made it the top insurance app in the country.