Forbes Advisor survey finds respondents switched insurance carriers to save money
By onInsurance
A recent Forbes Advisor survey of 2,000 insured drivers found that 58% switched carriers to save money and 47% said the last time their policy was renewed or they bought a new policy they paid more.
Repairer Driven News asked if the survey included a question about if paying less for insurance coverage might lead to more out-of-pocket expenses. Forbes Advisor Digital PR Manager Zoi Galarraga said the survey didn’t include that, but that results did show the second most common reason for drivers to change car insurance companies was to get different coverage.
“Interestingly, women (62%) were more likely to say they changed insurance companies because of price than men (52%),” she said. “But men (24%) were more likely than women (15%) to make the switch for different coverage.”
Other reasons for switching included purchase of a new car, moving, not liking the carrier’s customer service, and because of an advertisement.
Twenty-six percent of respondents said the last time they switched carriers was before 2020 and 23% said they’ve never switched. Forty-three percent have switched carriers since 2020.
Thirty-three percent, or 654 respondents, said they paid the same amount when they renewed their policy or bought a new one and 305, or 15%, said their rates went down.
When asked, “To what extent do you agree or disagree with the following statement: ‘I overpay for car insurance,'” 29% said they strongly agree and another 29% said they somewhat agree. Twenty-four percent said they didn’t agree or disagree. Only 8% strongly disagreed.
Forbes Advisor Editor Les Masterson notes in an article about the survey results that 27% of respondents were under the impression that they would have to pay either some or all of the time to get car insurance quotes when in reality it’s free. More men than women incorrectly thought they would have to pay to get quotes.
Forty-two percent of respondents said they’ve gotten car insurance quotes in the six months prior to when the survey was conducted on May 20-21. Another 26% said they had compared rates in the last seven months to a year. Forty percent said they compared two quotes and 35% compared three or four quotes.
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