Do auto insurance companies reward customer loyalty with lower rates? All auto insurance companies, from Allstate insurance, through Progressive insurance, to  Zurich (Farmers) Insurance, want you as a loyal customer. I have blogged before about Long Term Policyholder discounts, where you can get a 5% or 10% discount for keeping the same auto insurance policy for 5 years or more. But because of insurance rate increases over the years, you often still pay more for your auto insurance than when you started.

A promise of discounts, and lower rates in the future, for being a loyal customer, but seeing your auto insurance bill go up each year, makes people feel ripped off. However, other car insurance companies will reward your loyalty to your former auto insurance company, by offering you a lower rate because of it.

Auto insurance companies, like iMingle, offer a retro loyalty discount, which is a discount on iMingle‘s auto insurance, which lowers the rate based on the length of time you were continuously insured with your prior car insurance company.

The retro loyalty discount is a bit unusual, but many auto insurance companies, if allowed by your state’s laws, consider the length of time you were insured with your previous car insurance company, as a rating factor, to get you a lower auto insurance rate, although they may not call it a discount. The lower rates usually start at 3 years of continuous insurance coverage with the same insurance company, without a lapse, up to the start date of your new car insurance policy. Rates may go lower at 5 years, or longer, with same insurance company.

I often see the question asked, “Is it good to change your auto insurance company every 6 months?”

My answer is, “Yes, as long as you are saving a decent amount of money, and/or insuring with a good or better insurance company, with my insurance company reviews on my website can help you determine. Having continuous insurance is more important than having continuous insurance with the same insurance company. There is no penalty for changing insurance companies every 6 months, and if you can save money, and still get the coverage & service you need, you would be wise to do so.

I recommend shopping your auto & home insurance every year with all the leading insurance companies. I recommend it because insurance rates are always changing, new auto & home insurance rating plans are offered to new customers, and older customers usually see rate increases.

Also, even though you may be unaware of it, your risk profile changes. You may never have had a claim, ticket, or accident in the last 10 years, owned the same cars and house, but things are changing for you.

Depending on your state laws, car insurance companies competing with your car insurance company may offer a discount for new customers, coming from your insurance company. On your renewal date this year, you have been with the same insurer for 5 years, and it can earn you even lower rates with other insurance companies. You may see yourself as the same safe driver you were 5 years ago, but in the eyes of a competing insurance company, you are now an even lower risk customer eligible for lower rates.

There is no need for you to try to learn all the constant changing rules & rating factors insurance companies use to rate home & auto insurance policies. All you need do is shop with all the leading insurance companies each year to see what the competition can offer you. You don’t need to know what has changed in the last year, you just need to know things change every year.
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If you can get better coverage, better service, or a much better rate, change insurance companies.

If the price savings is small, you may want to stay with your current auto & home insurance company. In my own experience, every year I shop, I find a better price, but I don’t always switch if I think the service may not be as good.

Staying with the same insurance company can help you save more in the future. You may have a good rate now, but there is a good chance, sometime in the next 5 years, you can find a much better deal with a good insurance company.

Don’t skip shopping each year. You may shop for 3 years in a row, and stay with the same insurance company. Don’t think you will waste your time by not shopping your insurance next year. Who knows? Next year, you may be able to save a substantial amount of money.

Insurance companies want you to think it is not worth your time to shop for a better price, once they have your business. Many insurance companies will lure you in with low rates.  But over time, the insurance companies which had the best rates, no longer have low rates.

There are plenty of auto & home insurance customers insuring with the same insurance company for decades, and they never shop for a better price. These customers pay A LOT more for their insurance.

You don’t have to change insurance companies every year, but not shopping for your auto & home insurance each year, with all the leading insurance companies, is a huge mistake which can cost you a lot of money.

Don’t beat yourself up if you haven’t shopped for better rates in several years, or even many years. Start shopping now, and do it each year. Not only can it save you money, but it can help you avoid coverage gaps, and uncovered claims, by getting a second opinion on your coverage.

How long have you been insured with your auto & home insurance companies? Does your insurance company give you a loyalty discount? Tell me about it. Please leave a comment on my facebook page. Follow me on Twitter for important insurance consumer news and new blog entries at CarInsWatch.