Loyal customers can expect to save 10 percent or less on their insurance premiums. Insurance companies that offer loyalty rewards programs for auto insurance include Progressive, Nationwide and Geico. According to the Federal Trade Commission, car insurance companies will issue lower rates to consumers with good credit, as there is a correlation between having good credit and driving responsibly. We obtain exclusive data from Quadrant Information Services to track trends in auto insurance premiums.
While qualifying for a discount on car insurance thanks to car loyalty programs is definitely a positive thing, you might be able to find another car insurance provider that offers the same coverage you have now, just at a lower rate. Offering a loyalty rewards program for auto insurance can convince customers to stick with their current auto insurance company instead of switching to another. Aside from that, the best way to reduce your car insurance costs is to compare the rates of at least three insurance companies. With this information, Insurify can provide drivers with information on how companies set the price of their auto insurance premiums.
The consequences of driving without insurance are ultimately more costly than buying minimal car insurance coverage. Bankrate's insurance editorial team understands that while affordable premiums are essential, they're not the only consideration when looking for the best car insurance policy. You can get discounts on auto insurance in Florida depending on how you drive, the car you own, and your relationship with your insurance company. When it comes to your car insurance policy, your loyalty should be with the company that will provide you with excellent insurance coverage at the best rates.
However, the reality of the auto insurance market is that loyalty discounts rarely represent enough savings to justify staying no matter what. Yes, your credit-based insurance rating will generally affect what you pay for car insurance in Florida, unless you choose a company that doesn't use credit in their underwriting criteria. State Farm, one of the largest insurance companies in the market, offers discounts for multiple policies and sells a wide range of insurance products, such as home insurance and life insurance.