Loyalty is an awesome idea, and loyalty should always have it’s perks to those who stick it out through the long run. But in some instances, loyalty can also be blinding, binding, and cause a person or organization to overlook a better solution to a problem or situation. Loyalty is no good if it’s only given and not also received, and non-reciprocal loyalty can cost people time, money, and even their own livelihood in some situations.

Loyalty surely has it’s place in life, and we’re not debating that. But there are some situations and many industries in which people need to be diligent in making sure they are getting the best out of what they’re paying for, and that their loyalty is being reciprocated. This is why it’s important to get a second opinion when you get unsettling medical news, to make sure that your loyalty to a specific physician is not causing you harm or costing you more than it should. This is why we check our investments and their rates of returns – to make sure we’re getting a fair shake with the company/stock/ira we’re investing in. And this is why it’s good to compare insurance coverage from time to time as well.

But what do I look for? or What do I compare?”  you might ask…. Well, when comparing insurance premiums and the coverage you’re receiving, you want to look for the following items:

  • Always compare apples to apples – and make sure when comparing insurance premium prices, that you’re comparing coverage amounts and benefits as well and not just the dollar amount. If one provider is cheaper, they may have a much lower amount of liability coverage, or not provide as many benefits as the other. You want to find the best overall value and the most benefits at the best price possible…so make sure you’re getting quoted the same coverage from each company you inquire.
  • Always look at the company’s Better Business Bureau profile, as well as check ratings and reputations online to make sure that each company you receive quotes from provides the level of service that they tout. Be sure that you’re looking at reputable, unbiased websites when doing this research though, as you want to make sure the information you receive is true and trustworthy.
  •  Always compare the amount of effort it takes to get the service you require when you need it. For instance, you may personally rather walk into a local office to file a claim or change your policy terms than to call an 800 number and speak to someone you don’t know.

With all this in mind, you should always check your insurance rates  and compare coverage with reputable competitors at least once every 5 years, in an effort to make sure your loyalty is being reciprocated.