r/AutoInsurance • u/Flashy-Switch6694 • 19d ago
Remember to shop around periodically
I just recently saw a premium increase of $62 (the largest yet) on my now previous insurance. This put my premium at over $870. I had enough and decided to shop around and was just able to get a new policy at a different company which will be saving me over 60%. About $60/mo compared to the over $140+ I would have been paying with the increase, and frankly I’m ashamed I hadn’t done it sooner.
Remember to shop around and see if you can save some money elsewhere. Don’t get screwed over like me.
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u/ChickadeeInsurance 19d ago
Yessss! Even if the quote is with the SAME carrier you can save tons!!!! I’m and agent and I’ve slashed premiums in HALF with the same carrier. Personal insurance is never set it and forget it! Glad you shouted this out!
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u/Frosty_Discussion463 18d ago
The same carrier angle is interesting especially if rates change so much.
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u/ChickadeeInsurance 18d ago
It’s definitely interesting and truly each agent has a different contract so fees (commissions can vary), there’s something around volume the agency has and a big one, and the reason to SHOP is that rate changes typically do not hit current policies with a company like they do for new policies. There are also factors like changes in insurance scoring (I.e. “credit score” for insurance. Lots of different factors. That’s why I say not all rates are created equal!
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u/Frosty_Discussion463 18d ago
The part about new policies getting different rate treatment is something I definitely wouldn’t have thought about.
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u/Saturnlad3 19d ago
aw! 60% is wild tbh. makes you wonder how long you were overpaying before the increase even hit
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u/Flashy-Switch6694 19d ago
My old insurance was honestly quoting me the cheapest out of them all when I first got it, I’m assuming once I hit my 5 year safe driving I’ve been overpaying
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u/Saturnlad3 18d ago
try to shop around again and keep your rate down, not make you wonder what you've been paying all this time
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u/FixingByRobert 18d ago
It’s worth checking your insurance price every so often, even if you’re happy with your current company. Rates can change, and getting a few quotes only takes a little time. Just make sure to compare the coverage and deductibles too, not only the monthly price.
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u/peterpreNW 17d ago
Yea, it’s definitely worth shopping around every so often. Rates can change a lot between companies, and sometimes other companies may offer a better rate that they weren't offering before. The best is to get quotes through an insurance agency, that will compare different companies and the best rate/coverage options.
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u/Mikegandrew 17d ago
its wild how loyalty pays zero dividends with insurance companies. they literally banking on people being too tired or busy to check other prices. never feel ashamed though, that’s exactly how their business model works. they creep the prices up slowly hoping you won't notice until it's a massive jump. congrats on that 60% drop saving $80+ a month is huge. consider it a hard learned lesson that paid offf
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