A recent survey from Policygenius discovered that one-third of Americans never re-shopped their homeowners or car insurance policies. Not shopping around for better insurance rates means millions of Americans are paying more than they should for their insurance.
The study surveyed 1,542 people. The biggest reason they did not re-shop their insurance policies was time. They believed the process of comparing insurance policies would take too long. However, 42 percent of Americans switch their insurance provider if they find better coverage or a better rate.
According to the study, insurance companies change the rates for their insurance policies every year in order to have better profit margins. On average consumers save $417 each year by shopping around and comparing car insurance rates. Homeowners that shop around for homeowners insurance policies save between $363 and $2,182 annually. This significant gap is because homeowners insurance is affected by home value and location.
How to re-shop home and car insurance
First, let’s debunk the myth that re-shopping insurance takes too much time. Getting an insurance quote online is a fast and smooth process! You can save money on your homeowners and car insurance by comparing car and home insurance quotes online 24/7.
Decide what types of coverages you want and what your deductible to be and imput the same information on multiple sites to get accurate comparisons. The Insurance Information Institute recommends getting at least three quotes before buying any insurance policy.
The more information you have available to input online, the more accurate a quote will be. After you complete a quote online, you will receive follow-up e-mails and phone calls from insurance agents.