Would you switch insurance companies to save $120/yr?

[alzan]

My insurance company will drop me if I only paid 75% of my yearly bill, not worth it.

 

[bruceb]

Yes, and I just switched this year from MetLife (for auto and home) back to State Farm who is now giving me much lower rates than MetLife was.

 

[ringtail]

In some old Robert A. Heinlein scifi book he makes a point that in one sense, spending a dollar is like "voting" for what you're buying.

As money in your pocket, year $120 will buy you & a good dinner (without the wine). But also it's like a vote for the lower priced deal. That fosters competition, which usually (not always) is a good thing.

"Loyalty" and "insurance company" don't go together. If you ever make a claim they have to pay on they'll turn right around and kick you out of their program (cancel you).

 

[alkemyst]

so much misinformation.

 

[edro]

Travelers just sent me a $20 gift card in the mail to Shell gas to call and get a quote.
They are $30 less PER month than Nationwide, on my auto alone. (3 cars)

I was gonna switch, but then they found a ticket my wife had for window tint and the rate went up to equal to what I pay now.

 

[nageov3t]

$120 would be enough to get me to look at reviews and enough to switch if reviews were good.

I've been pretty happy with Progressive for the past 10 years, though.

 

[crashtech]

If you care about how your vehicle will be repaired in case of an accident, and have a body shop that you like to use to do your repairs, ask them which insurance companies are most likely to authorize sufficient payment for proper repairs. Trust me, they will know.

If you don't care what happens to your car, pick the very cheapest insurance company, and let them direct you to the shop they prefer. You might be OK if you don't keep the car too long.

 

[BurnItDwn]

I would keep my State Farm insurance with the same agent vs an 800 number if it saved me $120 annually assuming exactly the same coverage values ...

 

[JEDI]

I would keep my State Farm insurance with the same agent vs an 800 number if it saved me $120 annually assuming exactly the same coverage values ...

why?
I have never talked to my agent in the years I've had state farm.
he might as well be an anonymous person on a 800 #

 

[Newell Steamer]

I've had lunches that cost more than $120,...

No. I would not, because after a couple of years, the same insurance will probably cost $120 more.

 

[BurnItDwn]

why?
I have never talked to my agent in the years I've had state farm.
he might as well be an anonymous person on a 800 #

Was easy when I had to file a claim for some storm damage.

for 2 cars and house, my agent makes it easier than it could be otherwise. So I'm comfortable with it, and I don't think I'm overpaying.

 

[dabuddha]

Would switch in a heartbeat. There is no loyalty anymore

 

[Spineshank]

I switch my car insurance every 6 months to save about $200-$250 a year. Geico and Progressive both offer big "switch now and save" discounts that disappear when you go to renew. So I take the 6 month policy to get the new policy savings, then switch to the other after the 6 months is over and the price goes up. Been doing that for about 8 years now and it keeps working.

The $64K question is how much of a hassle is it to switch? If you have to jump through a bunch of hoops to get the new policy don't bother. If it takes 2 minutes and a couple of clicks, go for it. Insurance companies are a necessary evil, but they're all rip-offs. Take the one that will rip you off the least.

I do the same thing. I will quote out a bunch of them, and then go with the cheapest. Sometimes its a major difference. In February I went from Esurance to State Farm and was quoted $300 less for 6 months. For the same exact coverage. Crazy.

 

[crashtech]

Sometimes you get what you pay for. But if you really don't care, by all means get the very cheapest you can find. I'd wager that most people with this attitude either drive a piece of crap, or deserve to get screwed over in the event of a claim. So it all works out in the end. Although I do worry about those who have cheap insurance out of ignorance of the consequences.

 

[alkemyst]

With homeowners and business insurance usually the hurdles vs savings potential are not worth it. Experts say one should shop car insurance at every renewal.

One of the things that should happen is every year your premiums should decrease since the vehicle is depreciating. If you were to call fresh out of the blue, you would be offered a lower rate next year than you are paying today (usually), however; that reduction is never freely given out (usually).

My shopping rates and coming back to your insurer, they will usually modify things to compete.