Study shows insurance shopping saved Americans 76%

Insurance shopping - Piggy Bank

A survey showed that people who put in a few minutes of research notably saved.

Many consumers who practice good insurance shopping habits ahead of purchasing a policy or before renewing an existing one know that rates aren’t the only factor worth considering. However, at the same time, a recent survey showed that American consumers who put in 15-30 minutes of time to compare policies were able to save money on their monthly premiums.

These study findings suggest that there is a lot to be said about comparing rates before renewing.

Still, the study showed that 26 percent of Americans had never done any comparison insurance shopping to obtain quotes before their policies were to renew. This, despite all the insurer advertising and reminders that there are opportunities to save on their coverage or improve their coverage for the same amount that they are currently paying. According to the survey, this habit could be costing Americans money.

The survey included the participation of more than one thousand American consumers. It looked into habits for obtaining quote comparisons and on who was saving the most money on their coverage.

The key findings of the research were that regular insurance shopping habits lead to potential savings.

Other findings of the survey were that:

  • Americans who skip comparison shopping could be paying hundreds of dollars more than they otherwise would. Of those who did obtain comparison quotes, 76 percent said that they had saved money from what their research provided them.
  • The process of comparing quotes doesn’t take very long. Of those who did search for savings, 66 percent said that they spent between 30 minutes and 2 hours on the process. Another 16 percent said that it took them less than a half hour to find what they needed.
  • Insurance shopping - Piggy BankWell over a third (44 percent) of homeowners’ and renters’ policyholders didn’t do any insurance shopping before the last time one of their policies was to renew. The same could be said about auto insurance policyholders, among whom 39 percent didn’t take the time to seek out potential savings with comparison quotes.

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