Is brand loyalty important when it comes to home and auto insurance?
Sunday, January 17th, 2010 at
11:15 am
CanonPass asked:
Other than certain longevity discounts, what are the benefits of staying with the same insurance company for a long time. Why not just find the lowest rates and switch every couple years?
Other than certain longevity discounts, what are the benefits of staying with the same insurance company for a long time. Why not just find the lowest rates and switch every couple years?
Tagged with: Brand Loyalty • Insurance Company • Long Time
Filed under: Auto Insurance
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there is none. the lowest rate is the determining factor.
greedy insurance “agents” fooked up “brand loyalty”.
tiggsy is on target.
When you are insured with the same company for years and if you have no claims, many times they will give discounts for number of years w/out claims, or a claim bonus.
But;;;you may not realize that if you are a good customer that another company will insure you for less due to your no claims history. They may want your business more since you are a good risk.
Most people stay with the same company since they don’t want to bother changing, and then they file a claim and get mad at the company and go searching for other companies and find that they can get insurance for a lot less than they were paying.
If you are insuring both home and auto, you may need to find the rates for each and together, since most companies give discounts for multiple cars and homes with same company.
Why not just switch? I know an agent that has been with one company for 55+ years. That agent has customers that have been with him since day one. Now that is loyalty.
When you have been loyal that long, if you have a problem or a claim you get more attention. And, if there is something that comes up where the company would cancel anyone else, you get priority with the company for having stayed with them a long time. In other words if your policy would be cancelled, they may keep you because you are such a good customer. Loyalty does count for something.
There are none. Remember, it’s human to feel loyal to people and institutions we’ve been associated with for a long time, but business has no concept of loyalty at all, and will as soon spit on its oldest customers as its newest ones.
None, staying in the same company with not give any loyalty discount. the lowest rate depends on you claims history, driving record, age, credit score, the area ur living in, non smoker , etc…
there is a lot of discounts but there is nothing called loyalty discount.
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Reem Alnunu
Insurance Agent
GLIGA Insurance