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Understand The Advantages And Disadvantages Of Car Insurance Loyalty

Like with any other purchase, customer loyalty brings some benefits even when purchasing an insurance policy. Nevertheless, it is a good idea to shop around every now and then to ensure that you get the best possible deal. This article will help you understand the advantages and disadvantages of car insurance loyalty.

Advantages of car insurance loyalty

Car insurance providers tend to offer benefits to earn the loyalty of their customers. While the benefits vary from one insurer to the other, here are a few of the most common benefits:

1. Lower premiums

Insurers offer a lower premium to customers who opt to insure with them for extended periods. For example, a three-year policy will be at a discounted annual premium rate compared to an annual policy.

2. No claim bonus

This benefit is offered to customers who have stayed with the insurer for at least a year. For each claim free year, the no claim bonus increases till it reaches 50%. You can use this bonus at the time of renewal of your policy.

3. Accident forgiveness

A few insurers may choose to not hike the premiums even after a small Own Damage claim has been made if the customer is a long-standing customer.

4. No deductible for small claims

A few of the insurance providers may decide to waive off deductibles on small claims for customers who have been with them for extended periods.

Disadvantages of car insurance loyalty

If car insurance loyalty had only upsides, no one would ever change their insurance provider. Here are a few reasons for you to consider switching insurers.

1. Insufficient coverage

While renewing the policy, make sure to read the terms and conditions of the policy again. It is possible that the coverage is no more adequate for your circumstances anymore. Remember that the coverage may be altered at the time of renewal by the insurer, or your circumstances may change and you may require increased coverage. In either of these scenarios, it is advisable to shop around to get the best coverage possible.

2. More economical premium rates

Even with the loyalty-based discounts available with your current insurer, it is possible that some other insurer is offering a lower premium rate for the same coverage. Make sure to check the customer ratings and claim settlement ratios before you decide to switch to another insurer.

3. Switching insurers

You could also choose to switch insurers if the time taken to settle claim at your insurer seems to be too long. A bad customer service experience may also be a deal breaker and encourage you to look for a better provider.

4. Cashless garages

You could consider switching insurers if your current insurer does not have enough network garages around your area and a competitor does offer a better network of cashless garages.