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Is getting affordable auto insurance worth the time and effort?
Things to Remember...
- Comparison shopping can usually save you from 15 to 20 percent on your car insurance rates
- Using a free website that does multiple quote comparisons at the same time will help you save time
- Find out about discounts such as a good driving history or bundle discount to save even more money
If you are not sure that you’re getting the best deal, you may be considering shopping around to get a better price on your auto insurance policy.
At this point, you might be concerned about the amount of time and effort that you have to put in to find the best deal available.
Is it really worth the time and effort that you’re going to put in to evaluate auto insurance company quotes, just so that you can save a little bit of money?
Our FREE car insurance comparison tool is available now to give you quotes in minutes when you enter your ZIP code!
Table of Contents
Cost-Benefit Analysis
If you are trying to decide whether you should invest the time and energy in shopping for the best cheap auto insurance, try doing a cost-benefit analysis.
Consider how much you could possibly save compared to what you pay now. The auto insurance business is competitive, and quotes can vary.
However, saving somewhere between 15 and 20 percent compared to what you’re paying now might be about the maximum that you can save.
Look at how much money you make per hour in your job. Then compare that to how much time you plan on investing in shopping around for auto insurance.
For instance, if you make $20 per hour and you think it will take you three or four hours to get a new auto insurance policy, the cost of your time is $60 to $80.
If you could save more than $60 or $80 per year by getting cheaper auto insurance, then it would make sense to go ahead and start shopping.
If you’re going to spend a lot more time on the job, then it may not be worth your time.
Minimize the Time Investment
If you’re concerned about the time and effort it will take to shop for a new auto insurance policy, you may want to consider the different ways that you can shop for auto insurance.
Some methods are more time-consuming than others.
If you decide to go around to all of the various insurance companies in your area to get quotes, this could take quite a bit of time and effort to complete.
A faster way to do this would be to use our free online auto insurance comparison tool.
This will be much faster than calling insurance companies and getting quotes over the phone. You can enter information such as your ZIP code and your age to get a quote with most insurance companies.
One of the fastest ways to compare auto insurance quotes is to go to a site that does all the work for you.
There are several sites online that will allow you to compare multiple insurance companies at the same time.
You may simply have to enter some personal information and then the site will get quotes from all of the insurance companies in your area at the same time.
At that point, you can choose an insurance company to work with and get a more exact quote.
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Tips on Saving
If you are going to take the time to shop around for auto insurance, you might as well get the cheapest rate that you possibly can.
There are some ways that you can get additional savings on your auto insurance policy.
For example, if you take a driver’s education course, you might be able to get a discount on your next policy.
Additionally, you should do everything that you can do to boost your credit score before you start shopping around. Pay down some debt, fix errors on your credit report and make all of your payments on time.
If you can bundle your coverage together with other policies that you have, this may also be able to save you some money.
If you have a homeowner’s insurance policy with a specific insurance company, giving your auto insurance from that same company could give you a discount overall.
Before you choose a new company to work with just for auto insurance, consider giving a chance to the insurance company that has already given you a policy.
Considerations
There is not a right answer for everyone on whether its worth it to get a cheaper auto insurance policy.
If you have already shop around once and found a good deal on your auto insurance policy, it may not be worth it to do the same thing again a second time.
You should probably review your auto insurance policy once every few years just so you can make sure your prices are in line with the market.
If you make a lot of money and you don’t have the time to do anything extra, it may not be worth your time to pursue this option.
Otherwise, it does make sense for a large majority of drivers who pay too much for insurance.
Enter your ZIP code into our FREE car insurance comparison tool to start saving money on auto insurance rates today!
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