Posted by Tom Martino at 12:00 pm 25 Comments Print

Do you know the secret to saving on your auto insurance coverage?

The most basic way to save money is to review your auto coverage at lease every three years. That’s because insurance companies do not reward “loyalty”. In fact, in most cases insurance companies do just the opposite. The longer you have a policy, the more you pay.

New policy holders can almost always get your same auto coverage for less money. I call this phenomenon the “creep up syndrome”. The “creep up syndrome” is when an insurance company gradually raises your premiums over the years or they reduce your auto coverages.

It is very important to do a policy review at least every three years. And for that, I suggest a good insurance broker, like Compass Insurance, on our Referral List, who deals with multiple lines of insurance instead of a captive agent. Captive agents deal with only one company. They have no choice but to sell you just one company, so it’s impossible for them to have your best interest at heart simply because they can not help you shop around.

NOW … FOR THE LIST OF THE COMPANIES I WOULD AVOID WHEN SHOPPING FOR INSURANCE. I BASE MY OPINION ON 40+ YEARS AS A CONSUMER ADVOCATE, LISTENING TO CONSUMER COMPLAINTS:

• ALL STATE

• STATE FARM

• FARMERS

• AMERICAN FAMILY

• FRED LOYA

 

 

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