4 Reasons to Shop Around for Auto Insurance Even If You’re Happy with Your Company

cheap auto insuranceWhen you’ve been with a specific insurance company for a long time, switching to another company can seem completely unnecessary. But while you’re clinging to the company that feels most comfortable to you, it’s possible that you’re missing out on cheap auto insurance and other great perks potentially being offered by other companies.

Don’t feel bad if it’s never crossed your mind to look at other coverage options. Just keep in mind that, no matter how happy you are with your current company, there may be another company out there that’s better for you.

Consumers Rarely Shop for a New Insurance Company

Ever heard the saying, “If it ain’t broke, don’t fix it”? In many scenarios, it’s a good rule of thumb, particularly if something has been working well for you as-is for many years. But in other scenarios, where there’s nothing to lose, it doesn’t hurt to learn if “it” could be broken and you’re just unaware of it.

This scenario seems to be the case for a large number of auto insurance customers. A J.D. Power and Associates report released in 2012 revealed that only 25 percent of customers at the time had shopped for a new insurance company in the 12 months prior.

What’s interesting is that nearly half of consumers who did choose to shop around actually switched carriers, showing that looking for other coverage sometimes presents better alternatives that could have gone unnoticed otherwise.

Cheap Auto Insurance and Other Reasons to Shop Around

One of the greatest benefits of looking elsewhere for coverage is that you may luck out on cheap auto insurance as a result. While shopping for quotes doesn’t guarantee lower-cost coverage, it could be a positive side effect, along with the following benefits:

1. You can discover discounts and perks: One major benefit of shopping around is learning about the great discounts and additional perks you may not have been aware of. Even if you choose not to switch companies, you will be armed with information that could help lower rates with your current company.

2. Quotes are available online: Unlike the “old days” when you had to call insurance companies for quotes, you can now shop from the comfort of your home by visiting various insurance company sites.

3. Shopping around is free: Insurance companies don’t charge you for a quote and you are not required to commit to a policy after a quote is offered. This means you’re losing nothing, but a bit of your time in exchange for the numerous potential gains.

4. You won’t be penalized for switching: If you do decide to switch companies, you won’t be penalized — no matter when you choose to switch. Even if you’re in the middle of a policy, most insurance companies won’t penalize you for walking away.

While it may be true that your insurance experience isn’t broken, there’s no harm in finding out whether there’s something better out there. At the very least, you’ll have more education under your belt that could make your current insurance experience more enjoyable.

(Image courtesy of Ambro / FreeDigitalPhotos.net)