Drivers could be missing out on opportunities to save money on their coverage
Drivers in the United States may be missing out on auto insurance savings, according to a new study from InsuranceQuotes.com. The study shows that the average driver has not changes their auto insurance provider for 12 years, with more than a third of drivers never shopping for new insurance policies that may be less expensive. By seeking out new providers, drivers may be able to find better coverage at lower premiums.
Loyalty may not be the best solution for those looking to save money on insurance coverage
Laura Adams, senior analyst for InsuranceQuotes.com, suggests that many drivers may believe that their loyalty to a singular auto insurance provider will pay off in the future, but this is not always the case. Adams notes that drivers that have not shopped for new insurance policies may not be getting the best deal. These drivers may find better coverage, and less expensive policies, from other insurers that may be willing to provide affordable coverage in order to attract new consumers.
Consumers should be sure to receive appropriate comparisons on their current policies
The National Association of Insurance Commissioners notes that when shopping for auto insurance, it is important to ensure that consumers are receiving appropriate comparisons to their existing policies. Not all policies are equal, and as such consumers must make sure that the policies they are interested in are aligned with what they have. When looking for new policies, consumers often seek out policies that do not offer the same level of coverage that they had before, which can leave them exposed to unnecessary risks.
Many consumers may be unwilling to shop around for auto insurance coverage
According to InsuranceQuotes.com, six in 10 Millenials with insurance coverage think that they have to wait until they renew their policies to switch providers. Millenials are also less likely to shop for coverage, as they tend to purchase coverage only when they purchase a new vehicle or move to a new location. Nearly half of all drivers are not aware that they can change their auto insurance policies at any time they see fit.