Will Insurance Carriers Follow The “Shared Plan” Technique?
The Mrs. and I were just talking the other day about how mobile phone carriers are offering discounts to people who come together on a plan. I believe one carrier offers their service at $25 per line as long as you have about 10 buddies who sign up with you.
It could be more than 10, I forget the exact number. Other phone carriers are now beginning to do the same thing. Could these rates increase overtime? Possibly. Where would this leave the lonely person with no friends or family? Would they end up paying out the nose?
I wonder if insurance carriers will eventually do this with auto insurance. I know they already do this with health insurance (group plans). But, how about auto? They can call it the friendship discount. What if you and your friends could get a 10-20% discount off your auto insurance premium by signing up with same carrier on the same day.
This is a great technique to get others promoting your product. Only time will tell what other markets this shared plan idea will fall into.