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If you’re loyal to your insurance carrier it will cost you

Most successful businesses know how to treat their faithful customers.  A good restaurant owner will treat regulars with a complimentary drink or appetizer. Department stores send out coupons to returning customers. Supermarkets offer customer loyalty cards and often the more you spend, the more you are rewarded in savings. Even car dealers offer discounts to repeat buyers. It stands to reason that insurance companies would offer some type of loyalty discounts to their customers as well. After all, many keep using the same company for their home and/or auto insurance for years and years. You would think these dutiful customers would be rewarded for their loyalty. It just so happens that the opposite is true! A few years ago, I was looking at my bills and noticed how expensive my insurance rates were.  I remembered that when I first purchased the policy from my carrier in 2003, my rates were very reasonable, and competitive for the time.  My rates had steadily increased after years of accident-free driving.  I always assumed that it was due to inflation and the increased operational costs of the insurance company being passed on to me. Last year, I finally decided to shop around for a new insurance company.  I was amazed when a reputable company offered me a policy of equal coverage at a rate that was half of what I was paying with my old company – the one I had been loyal to for ten years. While I was thrilled to get such a great rate, I wanted to know why my prior company was charging me so much, why my rate...