Question
Do car insurance companies price match?
I'm with a very well-know insurance company but the price of my policy has steadily raised over the last few years. I decided to shop around and found one company that was able to beat my current rate. I don't want to switch to this company because they are much smaller and aren't available 24/7, but I want my rate lowered. If I call my insurance company and send them the quote I received, will they price match to keep my business?
Answer
Insurance companies use a complicated math equation, called an algorithm, to determine how they price their coverage. This means that each company prices their coverage differently since they don't share this information so rates will differ depending on your personal information. While your company won't be able to directly "price match" with a competitor, it might be worth contacting them for an updated quote since you've been able to find a lower rate elsewhere. It may not result in much of a difference, but they may be able to make some adjustments to make your rate more competitive.