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Overpaying for Auto Insurance — But Do We Care?

Posted By Administration, Tuesday, December 10, 2019

ValuePenguin says every year — and in total — we overpay for auto insurance by $37 billion. That’s an average of $330 per policy.

Shocking as it is, ValuePenguin’s survey found we continue to be loyal to our auto insurer. And this in spite of the fact that many of us are completely dissatisfied with the service and premium costs.

The most satisfied — no matter what — are younger drivers.

“Despite feeling dissatisfied with their insurance experience, young drivers feel the most loyalty to their insurers, according to ValuePenguin’s consumer survey,” the survey’s conclusion said. “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.”

Here are the survey questions and the results and it starts with how loyal a consumer is to the insurance provider:

Generation Z — 79%

Millennials — 72%

Generation X — 74%

Baby boomers — 66%

The silent generation — 63%

 

Happiness with current provider will keep them from comparing auto insurance quotes:

Generation Z — 51%

Millennials — 59%

Generation X — 67%

Baby boomers — 69%

The silent generation — 70%

 

Will spend an hour each year comparing quotes to save $100:

Generation Z — 70%

Millennials — 70%

Generation X — 62%

Baby boomers — 46%

The silent generation — 63%

 

Source link: Insurance Business America

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