The benefits of group auto insurance


Man is a social animal, and since time immemorial has been one. A pack of ten people surely outweighs one standalone person. Can this be extended to auto insurance too?
Let’s find out.

Thousands of people have group insurance plans, despite this, it is rapidly gaining popularity, and for good reason. When you approach an auto insurance company as a group, the auto insurance company sees two things; one is a lot of policies, and a longer customer retention opportunity.

When you sign up for a group policy, the company gets say, 5, or 10, applications at a time, and these policies are most likely to be continued in years to come, surely most people from the group will enjoy their services enough to convince the people who would like to change, if there are any. Insurance companies will gladly share a part of the fortune you are about to provide them with, with you; in the form of discounts, and/or lower premiums. Special privileges are also offered as an incentive to continue your policy with the company.

If you have a large family, this is the ideal opportunity for you to secure yourself a good, low cost insurance premium. The head of the family should address the other members, educating them about the possibility of getting a group insurance policy, which will work out cheaper, and also offer a host of other benefits.

If you own or even work in a company, you can suggest this to your co-workers. You can discuss this with the administration department in your office; no employee will shun the offer. Not only will they save a considerable amount of money, but also feel like a part of a large family.

There are many misconceptions about group insurance policies. For one, people believe that group policies are take a lot of ground work, and tend to be very complicated. Group policies are no more complex than an individual policy, and they don’t take longer to process either. Established insurance companies are adequately staffed and can deal with a large group with comfort, within the time frame. Many people also complain about a lack of flexibility, whereas this is far from the truth! In fact, any member from your group can drop out at any time, without affecting the others in the group.

You also have the opportunity to initially agree to sign up, but later drop out, if you find a better deal elsewhere, or simply chose not to go ahead with it. Payments are flexible too, there are no fixed criteria, some members can pay on an installment basis while some can pay the entire premium at one go. Needless to say the premium and sum assured for each individual’s policy is also completely customizable. The insurance company deals with each person as a separate entity, so there is complete flexibility offered, the only difference is they see it as a chance for themselves to get a bulk signup of new customers.

To simplify the process even further, its best to apply for quotes online, which can then be shared with the entire family, not only is this a much faster means of getting the job done, it is also a lot easier.

With so many benefits, it’s quite simple to see why group auto insurance is gaining popularity at such a rapid pace.