Why Do People Shop for New Car Insurance?

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How to Shop for Car Insurance to Get the Best Deal

Shopping around for car insurance can result in savings, but many car owners renew their policies each year without checking prices from other insurance companies.

A March 2022 Forbes Advisor survey of 2,000 drivers asked what would motivate them to shop for a new car insurance policy. More than half said any of these three reasons would get them to shop around:

  • A bad experience with a car insurance claim (55%)
  • Looking for a better price (54%)
  • Current company doesn’t have the coverage types I want (52%)

Older drivers (ages 58 to 76) chose price as the No. 1 reason to shop around, while bad claims experiences and coverage types were tops for younger drivers (ages 18 to 25).

Factors That Impact the Cost of Car Insurance

Your car insurance cost will vary depending on several factors that typically include:

  • Your driving record
  • Your age and years of driving experience
  • Where you live
  • Car insurance coverage selections
  • Deductible amount (if you buy collision and comprehensive coverage)
  • Vehicle model
  • Your car insurance history, such as whether you’ve had continuous coverage or lapses
  • Your credit-based insurance score (use of credit in calculating car insurance costs is banned in California, Hawaii, Massachusetts and Michigan)

source:ForbesAdvisor.com

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