Texas Auto Insurance
A new report geared towards consumers in Texas suggests that long-term Texas auto insurance holders will save money by comparison shopping and switching companies.
According to the Office of Public Insurance Counsel (OPIC), the amount of time a customer is with a Texas auto insurance company is a good incentive to shop around for better rates. Customers that are with the same insurance for over two years have the best chance of finding better deals with other companies.
Save Money on Auto Insurance
According to the study, which calculated a rough savings percentage based upon the length of time with an insurance company, drivers should be able to save at least 5% on rates when switching companies. The drivers, however, should be with their current company at least a few years, but those who have been with the same insurance company for even longer seem to get the biggest savings. For example, a driver who has been with the same company for 19 years could potentially save up to 9% when switching to a different insurance company.
The OPIC report did state, however, that shopping around for a better insurance rate is a tedious and time-consuming process. Yet, the potential money that can be saved should be enough incentive for customers to take the time to shop around for different rates. In fact, a recent study in July performed by J.D. Power and Associates confirmed that the average customer saves up to $300 when switching insurance carriers. Yet, the same survey also found that only one out of five insurance holders actually compared companies. This could possibly be because customers simply don’t know that the savings are out there, which is one of the primary reasons that the initial report was conducted.
For more information on several different Texas auto insurance companies and to compare rates, visit the Texas Department of Insurance’s online website. In addition, consider word-of-mouth referrals and local advertisements.