Are you paying for an Insurance Company to Advertise?
In a 2017 study ranking insurance companies based on advertising spending, GEICO, Progressive, State Farm, Allstate and Liberty Mutual took the top five spots spending over $2 billon in total ad expenditures. These were the highest results, as the remaining contestants spent less than 300 million U.S. dollars that year on advertising their services.
So what does that mean for you? Premium Increases
While the carrier may tell you that losses are high and they are paying out more than they make in claims, they are not telling you that they are spending hundreds of millions of dollars to make you think you are getting the best rates possible.
Consider talking to an independent agent. Independent agents represent a whole group of Major Insurance companies that don't spend your hard earned money on TV ads. Get a trusted advisor, not just a 3 am call to a caveman in kakis.