We have car and homeowners insurance with Amica (one of Clark’s top 2 companies). We have excellent credit (over 800 credit score), and have no debt other than our house. In the past year, we have both opened new 2% cash back credit cards and new airline credit cards which we pay off every month.
Due to this activity, our insurance score has gone down resulting in a premium increase of over 10%. This is BS as our credit is better than most folks out there. I’m not sure if it would make sense to shop around or if all companies would charge us an additional fee.
Maybe, but that doesn’t mean they’ll offer you the same rate. My guess is the so-called ‘insurance score’ is simply something they tell you to keep you from shopping around. Worst that can happen is you get higher quotes elsewhere, and you pay what Amica is charging. Best is that you find another company with a better offer.
I’m convinced you have to switch insurance companies every few years. They jack your rates each year and another company lowers their rates to attract you as a new customer. There’s no loyalty to long time customers. And you shouldn’t be loyal either.
