You could be saving up to $300 annually by switching your auto insurance company.
According to data from the latest J.D. Power U.S. Insurance Shopping Study, consumers saved an average of $300 off their annual premium by switching auto insurers in the past year. The leading reason customers were shopping for a new insurance company in the past 12 months was poor experience with their insurer. According to the study, increases in premiums did not drive shopping around as much as poor experiences.
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The study also revealed that increases in the annual premium of more than $200 can triple the rate of customers who switch insurers. Even more telling, the longer customers had been with their previous insurer, the higher the savings, most likely due to price hikes over the years.
The 2014 J.D. Power U.S. Insurance Shopping Study is based on responses from over 16,900 consumers who had shopped for an auto insurance price quote from at least one competitive insurer in the past nine months.
“Customers who were with their prior insurer for 11 years or longer before switching save an average of $426 per year on their premiums, compared with $291 among those who had been with their previous insurer less than two years before switching,” said researchers.