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Paying Too Much for Car Insurance?

paying too much for car insurance

According to Consumer Reports, Many are Paying too Much

Most of us stick with the same car insurance company year after year without ever looking for a better deal. This kind of loyalty is nice, but it can also cost. In a recent survey, Consumer Reports found that some drivers were paying twice as much for a policy than they would have with another insurer.

Now you know the reason you see so many commercials about switching to a new auto insurance company. The companies see a big market among those consumers who are currently paying too much.

And from a consumer’s point of view there might also be money to be made. At least if you belong to the category that hasn’t compared insurance premiums for many years. It may take you more than 15 minutes, and you may not save 15 percent… but still!

You Shouldn’t Switch too Often

Even if it might not be a good idea to switch too often, Consumer Reports recommend you to make a price comparison at least once a year. If you are afraid to lose some the discounts you currently have, like a safe-driver discount, check with the new company. They might be willing classify you as a safe driver as well. It might get the premiums down even more.

Remember, the insurance company will check your driving history using public documents and your insurance history through your current and former insurers. They will also check your credit report.

If you find that your current premiums are rising more than inflation, you should ask your insurance company why. You might be able to do something about it. Anti-theft devices or safe driving classes can be good investments. If you have stayed long with your company, you also want to ask if the company reward longevity, particularly loss-free longevity.

Check Your Credit Score

If hard times have hurt your credit scores, it might not be the best of times to shop for a new insurance. You will probably see higher quotes instead of lower, since most insurance companies use of credit-based insurance scores in setting premiums.

About Mark
Problem solver. Entrepreneur. Music nerd. Traveler. Twitter: @markheart0 Facebook: Mark Heart

3 Comments

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