If you’re with a poorly ranked insurer, there’s no question: Shop the market to find a lower price and fire them! That’s a win-win. You can get higher quality at a lower price.
On the other hand, if you’re with the two elites of the insurance industry — Amica and USAA — I say you should stay even if it’s more costly.
However, here’s the great news: Consumer Reports recently took a look at the insurance industry and determined these 2 top-ranked companies are cheaper than the competition!
Read more: Best and worst home insurers
In a 23-state survey, Consumer Reports found USAA was the lowest-cost insurer for the average person. However, USAA is only available to those in the military or affiliated with the military through direct family ties. For everyone else, there’s Amica Mutual. Surveyed in 10 states, Amica Mutual was the second-lowest cost insurer.
The other insurers — the ones you hear advertising all over the place — range to as much as nearly double in premium vs. USAA to 50% more than what average person pays with Amica Mutual.
If you do shop Amica Mutual, I should note that the first year is expensive. Because it is a mutual, that means there are no shareholders and you must buy in to this company. But most customers typically get an annual rebate from the company of 20% of what they paid in premiums — when they have a year with no claims.
So know that quality and low prices can both happen at the same time!
For more money-saving advice, check out our Insurance section.
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