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Are You a Lazy Insurance Shopper?

Do you feel your premiums are rising quite rapidly for all of your insurance policies? Not a surprise; you are being targeted due to lazy shopping. We know you don’t like the sound of this but this is part of the reason why you should be shopping for policies the right way. We can help you with this – just click here to contact us.

A recent report claims that some insurance providers have started work on a new price optimization technique. These companies charge higher rates to some of their customers for simply no reason other than the fact that they will not shop around. An industry expert explained to us that price optimization, which is a data mining tool, is used for identifying these customers that will probably not shop for new polices if their rates increased.

The main question here is how can they point out which customers will shop around and which ones will not? For right now, no information about this has been revealed. The industry experts believe that insurance companies use credit reports and the information contained in your application for an analysis.

 

The head of the agency which has made this fact public told the press that by using price optimization, insurance companies enjoy a number of benefits, and so many of them were now utilizing it. He added that several consumer groups have taken a notice of the situation and are trying to put a stop to this practice.

So how do you prevent yourself from being a target? The easiest way is to shop around; even if you feel you are being offered a really great rate, you should shop around prior to renewing your policy.

Consumers should make use of a comparison tool which they can find through their state insurance commissioner. This tool can help you determine the six insurance providers with the lowest rates. Go through other sources on the internet and narrow down these names on the basis of companies with the lowest number of complainants. These names should be around three or four, which you can then contact for quotes and other details.

So while you cannot stop the insurance companies from charging higher rates, there is still a lot that you can do so that you are not a victim. As we stated in the beginning of this article, we can help you make the best choice for your insurance needs – give us a call at

 

Source: www.dailyfinance.com

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