As with many auto insurance companies, your loyalty gives you additional rewards beyond just a great price. There may always be an option out there that may save you a few dollars per year, but before you make the switch, be sure to think about more than just price.
Is the service and claims experience going to be as good? Progressive has set the standard for great service, technology and speed of claims. Does the new company have user friendly website, apps and opportunities to bundle if you decide to buy a home, boat, golf cart or RV in the future?
Is the pricing going to change with the new company at renewal? One important thing to consider is that all companies provide discounts on how long you have been with your previous carrier. If you have been with your company for less than a year, you may not receive any loyalty discount. However, if you have been with a company for 2-3 years, your discount is even higher, and it increases after 5 years.
Therefore, if you have a great rate now, but the rate goes up in six months, you may need to shop insurance once again. This time, the rates with all companies will not be as good as they were when you shopped just 6 months before.
Consider Other Benefits
Lastly, the longer you stay with your current insurance company, the more benefits you will receive. Progressive has one of the best Loyalty Rewards Programs available and it shows because their retention of customers is the best in the industry. Here is what it looks like as of 11/08/2016:
Small Accident Forgiveness
With Small Accident Forgiveness, your rate won’t go up if you need to report a small claim. Generally, a “small claim” is anything under $500, but this varies by state.
Continuous Insurance Discount
As your relationship with us grows, so do your opportunities to save! This discount increases with each loyalty level until you reach Diamond level. Plus, your discount may be determined by your prior insurance information, so you could start saving sooner than you’d think.
Minor Child Discount
If you have a driver under the age of 19 who’s rated on your policy and you’ve already been insured for one year continuously, you may earn this discount.
Large Accident Forgiveness
With Large Accident Forgiveness, your rate won’t go up if you need to report a claim, regardless of the amount. You’ll earn this benefit when you’ve been with us for five years continuously, and your policy has been free from violations and claims for the previous three years.
Get VIP treatment – whenever you call, we’ll move you to the front of the line.
Lifetime Crown Benefits
When you’ve been with us for 20 years, you’ll receive lifetime insurance renewals. Yes, even if there are changes to your driving records.
Before you make the switch to save a few bucks, be sure it is with a stable company. One that you trust to build a long relationship with for years to come. Those that continually switch insurance companies every few years will never see the true value and discounts available. It saves to be loyal.