“But I love my auto insurance company! I’ve been with them for years.”

That’s the response I frequently hear from customers when I recommend that they shop their auto insurance policy every year. I ask them, “Are you sure that your insurance company still loves you?”

Insurance companies base their rates on a wide range of factors—including your  age, your zip code, the company’s  profitability and competitive issues in the marketplace—and their priorities change from year-to- year. The company that offered you the best rate on a policy you purchased five years ago may not be the one that has the best rate today.

Here are just of few of the reasons why you should shop your auto insurance policy every year.

1. Insurers favor different demographic groups at different times. Let’s say you turned 65 last year and chose an insurance company that offered senior discounts. But, unbeknownst to you, the insurer experienced a high number of claims from over-65 drivers, and is now favoring a different demographic group.

2. You’ve moved or purchased a new vehicle. In setting rates, insurers look at accident data for your zip code, as well as the accident rate and repair cost of the kind of vehicle you drive. Make sure you’re getting the most competitive rate for your new address or vehicle.

3. You’ve had an accident or a moving violation. If you are insured by a company that rewards a clean driving record, it may be time to move on. It’s likely you will find another insurer that offers you a better deal.

4. Insurance rates can change quickly and dramatically. Even if you haven’t moved, your insurer may raise rates for you zip code because the number of claims has increased over the past year. Insurers change rates for all kinds of reasons, and are not required to tell you why.

5. Most insurance companies do not reward your loyalty. Some insurers offer loyalty rewards, such as small accident forgiveness and renewal guarantees. Others are more focused on acquiring new customers than retaining current ones, and may offer you better incentives.

Remember, no single insurance agency offers the lowest rate for everyone. An independent insurance agency can shop your auto insurance policy among a wide range of carriers to ensure you are getting the most competitive rate for the auto insurance policy that fits your needs today.

Michael DeAngelo is the owner and manager of Warner & Foley Insurance Agency, an independent insurance agency located in West Sand Lake, New York. Warner & Foley offers a full line of personal and business insurance products from more than 15 major carriers.  Michael can be reached at 518-674-1110 or (email address).