Many consumers feel that they do not get the best deal when it comes to auto insurance. More consumers express dissatisfaction because of high premium rates and the way insurers compute their auto insurance costs.
According to a recently published report by Experian, 79 percent of consumers who participated in the survey said they felt that they were paying too much for their policies. Additionally, cheap auto insurance becomes more significant in tougher economic times. For this reason, respondents say they continually seek better deals which provide the best coverage in relation to cost. Among drivers polled, 54 percent said they tried different means to lower insurance cost since the past year because of financial difficulties.
Majority of respondents said they have previously not tried to look for better deals or new vehicle insurers but expressed intention to do so. For those who have not tried yet, 83 percent said they intend to find ways that will decrease their auto insurance costs in the next six months.
Despite their intentions to do so, many consumers polled still do not know what methods they could use in order to save. 45 percent said they do not know how to meet their coverage needs while cutting back on costs.
However, the Insurance Information Institute (iii) says there are various ways that can trim down coverage costs for vehicles. The industry organization advises motorists to shop around or look for new providers before renewing policies with their current insurer. As revealed by the Experian survey, 17 percent of motorists say they have not yet tried re-evaluating their coverage.
iii tells consumers that the United States insurance market is very competitive so they can certainly find better deals if they look around. One private provider reported that rates for similar coverage from different insurers could vary up to $500. As a tip, specialists tell consumers to check if the company has a good reputation through rating firms such as Moody’s and Standard & Poor’s.
If consumers are satisfied with their present auto insurance provider, specialists say they might as well consider letting their vehicle insure their home. As noted by specialists, many insurers provide discounts for consumers who enroll multiple polices. Combination discounts can trim down 10 to 20 percent on premium rates.
Experts also emphasize the importance of having a clean driving record since motorists could avail huge discounts through it. They add that road safety and good driving saves lives as well as auto insurance costs.