When it comes to shopping for insurance, the age-old question is whether you should stay loyal to a single company or if it's always better to shop around. Depending on the insurance company, you may be able to take advantage of some or all of the following benefits by choosing a single insurer.
What Are the Benefits of Insurance Company Loyalty?
Most insurers offer bundle discounts if you maintain more than one policy with them. For instance, if you purchase multiple types of policies, you can reduce the amount you pay overall by buying them all through a single insurer.
Some insurance companies offer loyalty discounts to encourage you to renew your policy with them. They often provide either rate reduction or improved benefits for the same rate to make loyalty worth your while.
Other insurance companies reduce your deductible amount to reward you for renewing your policy with them. This doesn't lower your premium cost, but it reduces your out-of-pocket expenses should you ever have to file a claim.
Other insurers offer an accident forgiveness option, which allows you to remove an at-fault accident from your driving record. If you have chosen to do this, you will probably benefit by staying with your current insurer, at least until that accident comes off your record with other companies.
Randolph County Farm Bureau, fielding expert teams of insurance agents in Asheboro, NC, can help you take advantage of all loyalty and bundle discounts and other benefits when renewing your home or auto insurance policy. Visit their website to learn about membership benefits, or call (336) 629-9187 to request an insurance quote from a friendly, helpful professional.