Seventy-Nine Percent Feel They are Paying Too Much for Auto Insurance

LowerMyBills.com®, a part of Experian, today released the results of a survey of 2,022 online auto insurance shoppers conducted between Sept. 3 and Sept. 28, 2009. Survey data shows that lowering auto insurance premiums is very important to consumers, but some consumers are hindered by a lack of knowledge and focus when making key decisions.

 

Consumers proactively seek reduced auto insurance premiums

The recession has had a strong impact on many consumers, causing them to seek ways to save money and reduce their spending. A recent LowerMyBills.com survey of consumers visiting the site to shop for auto insurance rates reveals that this sentiment is especially true for auto insurance premiums. Survey data reveals that 79 percent of consumers feel they are paying too much for auto insurance. Fifty-four percent of consumers indicated that they have tried to reduce their auto insurance premium in the last year as a result of the tough economy. Of the 46 percent of consumers who have not tried to reduce their auto insurance premium in the last year, 83 percent are planning to try to reduce it in the next six months.

 

Consumers do not understand how to find the best coverage for their needs

While most consumers would like to optimize their auto insurance premium to meet their budget and coverage needs, many do not know how to do so. Survey data reveals that 45 percent of consumers do not understand how to find the best coverage that fits their needs. Forty-nine percent of consumers do not know all the discounts they qualify for from their auto insurance provider, and 17 percent have never re-evaluated their coverage.

 

Consumers consider auto insurance insignificant in key vehicle-related decisions

Survey data reveals that some consumers feel their auto insurance premiums are insignificant when making key vehicle-related decisions. Thirty-eight percent of consumers indicated that their auto insurance premium was an insignificant factor when purchasing an automobile. Twenty-five percent of consumers revealed that a possible increase in their auto insurance premium is an insignificant factor when considering a traffic violation such as running a red light or speeding.

For additional auto insurance survey data -- including the most common savings techniques, consumer priorities when shopping for auto insurance and the most popular payment increments -- please contact Lexie Puckett at lpuckett@experianinteractivemedia.com or 1 310 348 6911.

 

About LowerMyBills.com

LowerMyBills.com is a free online resource for consumers to compare low rates on monthly bills and reduce the cost of living. LowerMyBills.com is the one-stop destination that offers savings through relationships with hundreds of service providers across multiple categories, including home loans, credit cards, auto and health insurance, and long-distance and cell phone services.

 

About Experian

Experian® is the leading global information services company, providing data and analytical tools to clients in more than 65 countries. The company helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score and protect against identity theft.

 

Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended March 31, 2009, was $3.9 billion. Experian employs approximately 15,000 people in 40 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; Costa Mesa, California; and Sao Paulo, Brazil.

 

For more information, visit http://www.experianplc.com.

 

Experian and the marks used herein are service marks or registered trademarks of Experian Information Solutions, Inc.

 

Other product and company names mentioned herein may be the trademarks of their respective owners.

 

 

 

SOURCE LowerMyBills.com