—Nearly Half Are Unaware They Can Change Their Policy Any Time—
We featured an article about how your credit score could; in many cases decide how much you would end up paying for auto insurance. Well this survey is pretty revealing as well.
Milk. Eggs. Deodorant. Apparently, consumers are much savvier when it comes to purchasing those items than they are for purchasing auto insurance!
The latest study from insuranceQuotes.com can be found below.
More than half of U.S. drivers have not switched auto insurance companies in at least eight years and about 6% have stuck with the same provider for more than 30 years, according to a new study by insuranceQuotes.
The data reveals that consumers, who typically want the best deals on everyday items, aren’t as savvy when it comes to paying for auto insurance. Thirty-nine percent of drivers have never shopped their auto insurance for a better rate. In addition, only 52% are aware that they can shop their policy at any time and do not have to wait for their next renewal date.
“Shopping around and comparing auto insurance is an easy and highly effective way to save money. But it’s a strategy that many consumers aren’t using to their advantage,” said Laura Adams, senior insurance analyst at insuranceQuotes.
The study also found:
- Generation X (ages 37 to 52) is the demographic least likely to shop for car insurance, with 44% saying they’ve never checked to see if a different company might offer a cheaper policy than the one they have now.
- Millennials (ages 18 to 26) are the age group most likely to shop for a new policy on a regular basis, with 42% saying they shop around about once a year or more frequently for a better rate.
- Millennials are also largely unaware that they can shop for a new policy at any time, with 56% mistakenly believing that they have to wait until their current policy is up for renewal.
The full report, provides additional important auto insurance shopping tips!
Princeton Survey Research Associates International obtained telephone interviews with a nationally representative sample of 1,003 adults living in the continental U.S. Interviews were conducted by landline (502) and cellphone (501, including 312 without a landline phone) in English and Spanish by Princeton Data Source from January 19-22, 2017. Statistical results are weighted to correct known demographic discrepancies. The margin of sampling error for the complete set of weighted data is plus or minus 3.7 percentage points.