Should I Make the Switch? (Car Insurance)
I know this might seem like a straightforward question, especially since car insurance companies don’t really reward loyalty.
I’ve been with Progressive for over 12 years, enjoying the benefits that come with long-term coverage and consistently getting the best rates—until now. I recently purchased a new electric vehicle, and my premium increased. So, I decided to compare my options. Here’s what I found:
- Progressive: $1,450 for 6 months (full coverage)
- Geico: $1,090 for 6 months (same coverage)
If I switch to Geico, I’d lose all the benefits I’ve built up over the years. I’m trying to figure out if the $360 savings every six months ($60 a month) is worth it. What do you think?
It sounds like you’re in a bit of a dilemma, but it’s great that you’re shopping around! Here are a few things to consider:
Cost vs. Benefits: The difference of $360 every six months is significant and could cover other costs or even some upgrades for your EV. However, weigh that against the benefits you’ve accumulated with Progressive over the years.
Loyalty Discounts: While it’s true that insurers don’t always prioritize loyalty, you might still have some benefits with Progressive that aren’t immediately quantifiable, like better customer service or claim handling based on your previous experiences.
Coverage Comparison: Ensure that the coverage is indeed identical between Progressive and Geico. Sometimes, there can be subtle differences in terms of deductibles or coverage limits.
Future Rates: Think about how often you might want to shop for car insurance again. If you switch to Geico and find that they offer you a competitive rate, you may feel inclined to switch again in the future.
Reviews and Ratings: Research the customer service and claims process for Geico. It might be beneficial to switch if they have better reviews or ratings compared to Progressive.
Ultimately, it’s about your comfort level. If you feel confident that Geico can provide similar coverage and better service, the savings could be worth the switch. If you have a good relationship with Progressive and feel secure with them, sticking with them might also be a good choice.