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Insurer Loyalty Programs

Most people sign up with a vehicle insurance carrier and then don't change providers for several years. It's not uncommon for someone who owns the same car and lives at the same address, to stick with a single car insurance provider for decades. Many people don't even change their insurance carrier when they move or buy a new car. Although it's possible to get a better rate by switching, sometimes taking advantage of insurance loyalty programs may convince someone to stick with a present carrier.

Finding the Best Deals

Not surprisingly, insurance carriers aren't that keen on sharing details about loyalty programs because it cuts into profits for the company. This means that if a vehicle owner wants to benefit from some of the potential savings on car insurance granted by participation in loyalty programs that personal investigation on the subject is necessary.

One important thing to consider when looking for loyalty discounts is that the options offered by many insurance carriers as discounts are identical to the discounts offered at sign-up. Introductory rates and various discounts disappear over time, and it's up to the consumer to see if it's possible to reaffirm those savings options.

A 15 percent rate reduction for "new customers" will be a 15 percent rate reduction for "loyal customers" a few years down the road.

Doing Some Comparison Shopping

Finding discounts at a current insurance company requires contacting that business and seeing what type of negotiations might work, but looking for discounts and loyalty programs elsewhere also offers a great opportunity to switch carriers. Instead of staying with the same, expensive carrier for the next decade, potential discounts at another insurance company might provide much lower rates.

The first step in finding such discounts is to shop around to figure out what the normal rate would be from each company. After writing down the rates for each provider, the next step would include negotiation. Most insurance quotes are available online, but calling each company after receiving a quote offers an opportunity to discuss further discounts on top of this quote.

Loyalty Rewards and Standard Discounts

Insurance companies may often cloak common discounts under the guise of "rewards" or loyalty discounts, and it's important to consider that a reward from one company might just be part of the normal discounts offered by another insurance provider. A car insurance provider might try to convince a vehicle owner that a discount is "special,", but often it's the same rebate offered to all customers.

Comparing Loyalty Over Switching

The biggest type of loyalty discount offered by insurance carriers is for continuous coverage. Nearly all insurance carriers offer this type of discount, and the price drop tends to kick in a few years after a car owner remains with a specific insurance carrier. Since all insurance carriers offer discounted price for long term coverage, it's vital to compare that eventual discount with the amount of money that could be saved with another carrier by switching right now.

There are many numbers involved in finding the lowest price policy that offers the greatest rewards, and a vehicle owner's best friends will be a pencil and a piece of paper to keep track of all those numbers. Comparison shopping for insurance is a great idea to save money, and it's essential to consider various loyalty discounts during the search.

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