Alright, so I’m over here trying to get a few quick auto insurance quotes without signing my life away, but every comparison site I try is just terrible. Why is it so hard to get decent, no-strings-attached quotes? Are they all just collecting my data to sell or what?
Yeah, that’s pretty much it. They collect your info to sell to third parties. Not really there to help you find the best deal.
Vanya said:
Yeah, that’s pretty much it. They collect your info to sell to third parties. Not really there to help you find the best deal.
Exactly. They make more money by selling your data than they do from actual insurance sales.
People who shop around constantly won’t get the best rates either. Insurance companies track rate shopping behavior and might actually surcharge for it. Plus, hopping around means you don’t get loyalty discounts, which can add up over time.
@Valen
Wouldn’t have to switch if they didn’t keep hiking rates without any reason. They make changes without asking us, so yeah, we leave.
Jody said:
@Valen
Wouldn’t have to switch if they didn’t keep hiking rates without any reason. They make changes without asking us, so yeah, we leave.
It’s not always about profit. Auto insurance operates on pretty slim margins, honestly. Rate hikes are usually about covering costs, not pure greed.
@Valen
“Very thin margins” – the CEO of Geico made $22 million in 2021, though.
Day said:
@Valen
“Very thin margins” – the CEO of Geico made $22 million in 2021, though.
CEO salaries across industries are just insane, not just in insurance. Property insurance companies often operate on thin margins and sometimes even losses, especially with increasing costs from things like natural disasters.
@Valen
Difference is, I can choose not to buy from a shampoo company if I disagree with their CEO’s pay. With insurance, I don’t have that freedom, and claims can turn into legal battles.
Day said:
@Valen
Difference is, I can choose not to buy from a shampoo company if I disagree with their CEO’s pay. With insurance, I don’t have that freedom, and claims can turn into legal battles.
Once your car is paid off, outside of state minimums, you don’t technically need to insure it. And long legal battles? Usually not with auto coverage.
They’re not really about comparison; they’re basically lead-generation sites for insurance companies.
It’s hard to stay loyal when they’re constantly raising premiums for no reason.
Caiden said:
It’s hard to stay loyal when they’re constantly raising premiums for no reason.
Exactly – late fees, premium hikes without any change in driving or credit history. Just a price hike out of nowhere.
Was loyal to AllState for years, but the rates just kept going up. No loyalty when you live in high-risk states like Florida.
What loyalty discounts? My rates only ever go up.
Harper said:
What loyalty discounts? My rates only ever go up.
It’s not about loyalty, it’s a penalty for shopping around frequently. Many companies raise rates if they know you hop often.
Don’t be scared by all this. I’ve been switching companies every year or two and I always save money.
I doubt any loyalty discount would beat the savings I’ve gotten by jumping companies. Used Allstate for years, but their hike drove me to a cheaper option, and I’ve kept jumping around ever since.
Insurance companies kept raising my rate every six months, so I finally started shopping around. Staying loyal wasn’t paying off.
I even once found a new quote from my own company that was cheaper than my renewal rate. Loyalty means nothing to them.