Money Matters: Shopping for car insurance

Reported by: Brittany Price
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Updated: 1/02/2013 10:00 am

It’s like clock-work paying the car insurance bill. 

Bankrate.com Insurance Editor, Doug Whiteman, said that automatic habit could be costly.

“We only shop around when our policy is up or we don’t even think about it, we just write the check every six months. You really could be missing out on a better deal. There are opportunities to save,” Whiteman said.

A recent survey by insurancequotes.com revealed most of us are not investigating other options.

“Of the 21 percent who had shopped for car insurance during the previous 12 months, we found almost half ended up switching carriers as a result which suggests perhaps they found a better deal,” Whiteman said.

With some research, you can find a personally-tailored policy.

“You can match up the deductibles, you can match up the coverage limits, you might find you would save big time by going to a different company and getting the exact same coverage,” Whiteman said.  

Shop around by picking up the phone and comparing rates from different companies, or go online.

“You can use a site such as bankrate.com or insurancequotes.com and enter a lot of information about how you drive, your age and be returned with quotes from a number of auto insurance carriers,” Whiteman said.

Also, ask about what discounts you may qualify for.

“If for example you have a student on your policy and that student gets good grades or if you have other coverage with the same company that provides your car insurance,” Whiteman said.  

Whiteman said there are loyalty perks to staying with the same company, but also discounts for disloyalty.

“There are early signing bonuses that some of the insurance carriers offer, early signing discounts, if you jump ship before your current policy is up,” Whiteman said.  

Experts suggest compare at least three price quotes when shopping for auto-insurance.

 

 

 

 

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