Does it hurt to change insurance companies each year

Can I change insurance company’s each year

In the past few years, it may seem as if insurance rates have been all over the board.

This can increase how often you want to shop the current coverage, to look for that new best possible rate.

And while yes you technically can change insurance companies each year, you shouldn’t.

Moving your insurance each year may negatively impact you in the long run.

Insurance Rating

One of the many factors used in the underwriting of rates and premiums is how long you have been with your current carrier; this is especially true when it comes to your personal automobile insurance policy.

Preferred rates and discounts are often accrued as your time with a given carrier increases.

To maximize long term premium savings it is important to at least keep the same insurance carrier for a few years before switching, try switching when it makes the most sense and not just to save a few dollars each month.

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Let’s face it, things happen, as do claims. That is why you carry insurance. But, Insurance Company’s are a for-profit business.

If you have a string of bad luck with a few claim incidents in a short period of time an insurance company is more likely going to non-renew or significantly increase your policy.

What they will do is look at your longevity with them. Past claim history verse what premium you have paid in will play a large role in the underwriting and rating for an insurance company.

They will be less likely to penalize you and cancel your insurance if they see you had many claims free years and just had a small string of bad luck.

In our role as the liaison between you and the insurance company, we have much more leverage when we can cite an insured being with a carrier for several years versus six months.

What’s Next?

If you have seen a dramatic increase in your renewal, or have had a bad experience with your agent or insurance company, that is the best time to shop your insurance rates.

Even as technology continues to make it easy for consumers to buy insurance, it’s even more important to have an agent you trust and can help you navigate these tough situations.

If it’s been more than a couple years since you’ve had a review or you don’t have a relationship with an agent then click the button below to schedule a review with one of our trusted insurance advisors.



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