Americans are Overpaying for Car Insurance by almost $37 billion
Studies conducted by ValuePenguin that on the average majority of Americans are overpaying for their car insurance. By how much exactly, well they are estimating about $37 billion per year. On an individual basis, this amounts to about $330 which is quite a bit if you think about it. None the less, regardless of factual evidence, most Americans are quite loyal to their insurance companies. This is also prominent with younger drivers despite regardless of the drivers, they are dissatisfied with the service that they are getting across the board.
ValuePenguin says “Despite feeling dissatisfied with their insurance experience, young drivers feel the most loyalty to their insurers, according to ValuePenguin’s consumer survey,”
“The findings indicate that young drivers may not always be aware of the financial upside of shopping between insurance companies, a fact that could eventually hurt insurance companies should policyholders realize cheaper rates may be available elsewhere.”
Based on the surveys conducted by ValuePenguin, despite that Americans feel loyal to their insurance companies, 70% of the drivers that surveyed said that if they could amount to savings on their insurance from anywhere between $25 to $200 per year, they are willing to switch.
The numbers behind this are quite high and it begs the question why aren’t they doing anything about this? – If customers are not satisfied with their current insurance company they should take reasonable steps to get a much more affordable rate. Here are two steps to help you make some progress towards a cheaper insurance premium:
- Call your insurance company: Speak to your insurance company and see what you can do to your current insurance policy. Maybe you can add some discounts that you are entitled for or even rejig your current premium by making sure that your insurance premium reflects your driving habits.
- Shop around: If you are not interested in sticking with your insurance company there are many different companies out there that can accommodate your needs. Read more about the best insurance companies out there today.
Shopping around not only helps you find an affordable rate, but also gives you insight on some of the best insurance policies that suit your needs as well.
If you would like to get in contact with some insurance companies, call here.