The Unfortunate Case of the Insurance Hopper

Saving money is great. Whether it’s because one is running low on cash, in debt, or they are simply saving up for other reasons – gaining any form of savings is always helpful! Well, when it comes to insurance shopping, constantly seeking savings can potentially harm your chances of savings. Yep, you read that right. When you hop from one insurance policy to the next, always looking for some savings – you may end up paying more in the long run. You’re probably scratching your head, thinking this all sounds pretty counter-intuitive. Here are some reasons why this can be the case:


Hopping from one policy to another may eliminate potential loyalty discounts.

When you stick with a single insurance carrier for your policies over several years, they may show their appreciation back by applying loyalty discounts that you wouldn’t receive otherwise. Not every carrier offers these discounts, however, so it’s wise to check with your insurance agent to see whether you qualify or not.


Frequently switching policies, agencies and carriers from one place to another may introduce potential coverage gaps.

The longer you work with and get to know your insurance agents, the better equipped they are to service your unique situation. Insurance policies are complex agreements on what is covered and what is not. So, switching from one agency to another can potentially introduce the risk of gaps in coverage if your new agents don’t understand your entire risk scenario. Suffice to say, when you are looking to save on premiums – a gap in coverage is the last thing you will want to worry about!


Save money–and potential headaches–by going local and independent!

At the end of the day, sometimes you may save a lot by changing your insurance carrier and it may be inevitable as each carrier has unique markets. However, it is hard to discern when you simply saving some upfront costs or saving long-term with irreplaceable claim service and professional advice for protecting what matters. That’s why independent agents represent many different reputable carriers with competitive options in the long-term, so they don’t have to abandon a local business and team they trust when looking to save a little dough.


Costs can go up and down, but having reliable service is priceless.

Our team has a combined experience of over 60 years in finding insurance options. Give us a call and let our team provide you with local service!


Note: The examples and descriptions used throughout this article are for general information purposes only, not legal advice. Coverage of losses are not guaranteed, rather they are subject to the decision of insurance underwriters and other potential authorities. Coverage availability and limits can vary based on person, location, and other variables. Please consult with your insurance agent and review your insurance policies to understand your existing and/or potential coverage options. Read our disclaimer.


© Jeff Munns Agency, Inc.



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