Q) Is it a bad idea to change insurance companies every year?
A) Since insurance rates vary from company to company and can change at any time during the year, it is never a bad idea to compare your insurance rate every renewal (or anytime during the year). Insurance companies do not penalize consumers for changing companies. Some insurance companies offer a loyalty discount if you have been with them for a particular length of time. The only thing that you may lose if you change companies is that “loyalty” discount. However, the amount of money that you save may be greater than the amount of money you are credited for loyalty.
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