Switching Auto/Homeowners Insurance
I am 79 years old, and have been a customer of State Farm for at least 30 years, probably closer to 50. My auto/homeowners premiums are now $1060.30 and$1226.00 annually per year. My quote from Allstate (company that operates most like State Farm) is $630.00 and $855.00. General advice from websites (not ads) and people who I think are knowlegable of such things, say to not change. They all expect whatever company I choose will accelerate rate increases until there was no advantage for me to change. My experience with State Farm has been very good, but a year or two ago my 25 year agent, who we trusted and personally liked, retired, and my account was transferred to another agent who I don’t know and did not like when she called me to introduce herself. We have recently downsized and moved about 60 miles away, and expect to change State Farm agents this week. The obvious answer is to wait and talk to the new agent. We are probably a “closed book” customer to State Farm. I think we have all the applicable discounts.
Is changing companies at this point generally a bad idea?
Terry Says
It’s a very good idea to review your insurance costs each year. But just make sure you’re comparing the same coverages. I find it very unusual that you would get such a huge cost difference between Allstate and State Farm, but maybe your new agent didn’t care enough to shop the State Farm policies for all available discounts. Or maybe the deductible is different on each policy. Or maybe the coverage limits are different. Or maybe you didn’t include “listed” items such as jewelry in the lower quote from Allstate.
If you’re convinced the coverage is the same, by all means go with the less expensive policy. And your new agent will appreciate your business!
