Banks, Insurance and Phone Cos do not appreciate loyalty

[Mike T]

I tend to stick with one company when I've established a relationship.....this is a mistake. I'll try not to let this run on so here goes.

Home loan was through a bank that I've dealt with for almost everything for years. So when I considered refinance for a competitive rate they got the first shot.....no great deal from them so shopped it. Very next bank had a 3% lower rate and 0 BS fees.

Home owners insurance was the same thing. Been a customer with the same company for 20 years and no claims. Asked for their best price and then shopped it. New highly rated co came in at $850 less.


Same auto insurance for 20 years (no claims) but did add a teenage driver. Shopped it to a highly rated competitor.....saved $2000 annually.

Phone was the same crap 15 years of being overcharged by the same carrier and had to switch to another carrier to get a good deal.

These are just the one's that I've had time to address and I'm sure everything else will be the same way.
I think they know a lot of people don't like the hassle of changing so they take their chances that you want have time to do anything about it.


Moral of the story is that if you keep paying it.... they'll keep taking it from you and then some.

 

[626gn]

Sign of the times we live in now unfortunately...

 

[~JM~]

It's a dog eat dog, screw you before you screw me, world these days.

No accountability.

No honesty.

No integrity.

No reliability.

No professionalism... Etc, etc, etc!

Pretty much sucks!

 

[JimP]

Recently changed home and auto insurance companies myself, close to 1000$ in savings and improved coverage in certain areas as well.

I did the same thing for home phone, cable and internet. It pays to shop around that's for sure. It was very satisfying when I made the changes and now I have more money for other things.

 

[EVIL]

Yep. And we cam thank a corrupt government that allows this to happen.

Scourge of the earth.

D

 

[MAK507]

I work for a bank (don't hate me). My clients come first, even if it comes down for me telling you to leave to where the better deal is at. A lot of the times I can get an override... But when it comes to refinancing an existing loan, hardly ever will banks lower their rate for you. It's very intelligent for people to take their debt to other banks (take advantage of lower rates/0% interest for X months) and then, before time runs out, take a 0% balance transfer to another bank). I've got clients that never pay interest because that's all they do.


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[greeneyegi]

People who pay years and years dont get that cheap introductory price.
Cable here in california, you have to be a new customer to get a better deal.WTF?
seems to me it makes better since if your going to charge less, why not the people who are loyal and been with you a while?
I have to call and fight with the cable people every six months, or pay 100-175$ a month more.

 

[Backndagame]

Had the same deal ,with cable,phone, and mortgage. As soon as changed they call you asking ,"why did you leave" and give a better rate. To tell them the already lost me .

 

[jiho2]

The outfits you mention are all stockholder-owned corporations. They don't sell products, they sell stock. They have a legal obligation to the value of their stock. The value of their stock depends not on making a profit, but on increasing revenue quarter over quarter, year over year (which is sometimes even possible). When they bring in new customers with (slash rate) come-on deals, they claim potential (full rate) revenue against their current forecast, which enhances the value of their stock. In stock analyst speak, this is part of a "story," something every corporation must have.

 

[Mike T]

The outfits you mention are all stockholder-owned corporations. They don't sell products, they sell stock. They have a legal obligation to the value of their stock. The value of their stock depends not on making a profit, but on increasing revenue quarter over quarter, year over year (which is sometimes even possible). When they bring in new customers with (slash rate) come-on deals, they claim potential (full rate) revenue against their current forecast, which enhances the value of their stock. In stock analyst speak, this is part of a "story," something every corporation must have.

You are correct......the very same companies that I'm complaining about are offering unheard of deals for new customers and at the same time are alienating/screwing the existing ones.

So far the changes that I've made aren't "teaser" promotions.

I work for a bank (don't hate me). My clients come first, even if it comes down for me telling you to leave to where the better deal is at.

Certainly wouldn't dislike you for doing your job. In fact I sympathize with someone who has to be the middle man. Like you... when I was in the body shop business I would offer our customers alternatives even if it meant going somewhere else. Most of the time those people would return for other things and became long time customers.

 

[texasmr2]

OP,
It is crazy isn't it!

My example: I was with Farmers for about 10yrs for my auto insurance and I paid $85/month for full coverage on my '99 Miata which I owned, not financed, and in hindsight was about $30/month too high. Decided it was time to change vehicles as I always wanted a BMW 525i and Farmers quoted me $282/month, WTF!! I changed over to GIECO less than 48hrs after purchasing the BMW and pay only $72/month for full coverage and that includes "Uninsured Motorist" coverage.

 

[Mike T]

OP,
It is crazy isn't it!

My example: I was with Farmers for about 10yrs for my auto insurance and I paid $85/month for full coverage on my '99 Miata which I owned, not financed, and in hindsight was about $30/month too high. Decided it was time to change vehicles as I always wanted a BMW 525i and Farmers quoted me $282/month, WTF!! I changed over to GIECO less than 48hrs after purchasing the BMW and pay only $72/month for full coverage and that includes "Uninsured Motorist" coverage.

Similar deal here as well. As mentioned above we added a teenage driver and went to full coverage on another vehicle and the cost was way less through the new company.

Was with the "good hands people"....turns out they were behind me with their hands on my shoulders

 

[Frederickdav]

I wish I could switch cable companies, our elected "leaders" have a deal where only one cable company does business in our city. Every now and then I call their customer retention person and after demanding to speak with an English speaking person, I can get my bill reduced a little for a while. Had a friend who changed car insurance companies about every year. Then his teenager backed into my car. He found out what a good agent can do. After he got his insurance to pay for my car he switched to my company /agent.

 

[MAK507]

I wish I could switch cable companies, our elected "leaders" have a deal where only one cable company does business in our city. Every now and then I call their customer retention person and after demanding to speak with an English speaking person, I can get my bill reduced a little for a while. Had a friend who changed car insurance companies about every year. Then his teenager backed into my car. He found out what a good agent can do. After he got his insurance to pay for my car he switched to my company /agent.

I didn't know they could monopolize like that! Anti-American!!!! [emoji35][emoji631][emoji631][emoji631][emoji631]


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[Frederickdav]

I didn't know they could monopolize like that! Anti-American!!!! [emoji35][emoji631][emoji631][emoji631][emoji631]


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Our city "leaders" are for sale to the highest bidder. Nobody else will take the jobs so these corrupt officials just stay in office.

 

[jiho2]

I didn't know they could monopolize like that!

The phone company was still a monopoly when cable first appeared, and it was like that pretty much everywhere for a while. The excuse was to keep a lid on the lines running amuk everywhere.

 

[Mike T]

Get this......heard on the news today that all auto insurance rates will rise soon due to the low gas prices


They say due to low gas prices more vehicles are on the road and in turn causing more accidents. In addition to this pitiful excuse they also say that the newer vehicles are costing more to repair so we'll be paying up.

Sounds as if this increase will be nationwide but three states were mentioned as examples of how much to expect. FL 10%, GA 25% and I believe CA was close to 10% also.

 

[~JM~]

...They say due to low gas prices more vehicles are on the road and in turn causing more accidents...

I call BS. More likely there are more accidents involving unlicensed & uninsured motorists.

 

[Mike T]

I call BS. More likely there are more accidents involving unlicensed & uninsured motorists.

I'm with you. I call BS on everything these days.

 

[Frederickdav]

In the Great State of Michigan if a person doesn't speak or read English they can have a friend or relative interpret their driving test. It's probably just my imagination but isn't it possible the interpreter could give the answers? I was involved in an accident years back and the other driver didn't speak English or understand that one has to wait until the intersection is clear before the proceed through it. How many illegals , who in many states can get a drivers license, can't read or understand traffic rules and regulations? Just a thought.