Another Reason to Get Insurance Quotes Regularly

We keep telling you that you need to get insurance quotes from different companies every now and then, now we have the research to back us up.

If you go back over the many posts we have on Car Insurance Guidebook, you will see a trend when we talk about insurance premiums. We regularly advocate that you contact different insurance companies for new quotes on your insurance coverage. We do this because of the financial benefits it can bring you on your insurance premium, from what we have seen and heard from other insurance professionals.

Now, we have research findings to solidify what we have been telling you for so long.

New Research on Why You Need to Get Insurance Quotes

New research findings from the Office of Public Insurance Counsel (OPIC), a consumer advocate group, found that people that stay with their car insurance companies for more than 2 to 3 years could be paying more for their insurance than they need to.

Their research found that people that switched to a new insurance company, after being with their company for 2 to 3 years, had an average of a 5.2% decrease in their premium. The longer a person was with an insurance company, the more their premium decreased when they decided to get insurance with another company.

The research from OPIC showed that the savings peaked at 19%. The ones that saved the most were the ones that had been with their insurance company for 8 years or more.

Why People Don’t Get Insurance Quotes to Save Money

You would think that saving money would seal the deal on at least calling around to get insurance quotes from other companies. However, there are many reasons that people don’t.

First, the difficulty of getting everything switched over stops people before they even start. Switching insurance coverage to another company requires a lot of work, especially if you have multiple policies.

Second, loyalty prevents people from switching. They have been with the same insurance company since they were 16 and have never had an accident, so they have no problem with staying with the same insurance company. They also have never contacted another insurance company for a quote, so they have no idea they could be possibly paying less for their insurance.

Finally, fear prevents people from switching. They have had an accident and their insurance company took care of everything, so they are worried that if they switch the new insurance company won’t be as good with claims.

Whatever your reason for not switching, you may decide otherwise once you take a chance and get insurance quotes from new companies to see how much more you are paying right now.