Central Auto Insurance California Explains Why Switching Auto Insurance Companies Can Be a Lucrative Consumer Choice
But often, the real reward for your loyalty is higher premiums. To keep long-time customers, auto insurers use price optimization, the practice of using personal customer data to raise rates just enough that customers won't feel the urge to switch. Over the years, rates creep up and up until existing customers are paying far more than they should. According to Earnix, 45 percent of large insurance companies use price optimization.
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