New Business/Loyalty Discount
My Insurance Broker
Aug 31st, 2016 at 03:58 pm • Richmond Hill, ON
Why does being a new business loyal customer lower my insurance premium?
Insurance companies adamantly work to ensure customers are happy, and more specifically, satisfied. When customers are satisfied, they tend to stay insured with the same company for longer periods of time. Often if you are insured for at least 3 years with the same insurance company, your insurer will reward your loyalty with an increasing discount starting at 5% off your current plan. That means that the longer you stay with your insurance company, the more likely you are to be rewarded with a loyalty discount.
Your loyalty is also considered when you switch insurers as a New Business Loyalty Discount (when switching to a new insurer, you can be rewarded for your loyalty to your existing insurer as a New Business Loyalty Discount).
How much can I save on insurance if I am a loyal cusotmer or if I switch to a new insurance company?
Being a new business loyal customer or loyal customer can affect your insurance premium, and you may be eligible to save between 5 – 15%. These savings are often added immediately after switching insurance providers or within a short time thereafter.