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Most car insurance companies (and one in particular) claim that people who switch see significant savings on their premiums. But with all the different companies that make the claim, it makes you wonder whether that’s mathematically possible. If every company has lower rates than others, then there shouldn’t actually be any companies charging higher rates.
Let’s dig into this claim and see whether you can really save on auto insurance just by switching to a different company.
When Would You Switch?
First, consider that the ads specify that customers who switch save a specific percent. Obviously, if someone is already insured and gets quotes from other companies, they’re not going to switch unless it will save them money. This is why the companies can all claim that people save when they switch.
Because each auto insurance company has its own way to calculate premiums, one company may be better for singles driving nice cars, whereas another may have better rates for a family with teen drivers. Therefore, whenever your household goes through a major change, whether it’s getting a new car, going three years without an accident or traffic citation, moving to a new state, or adding a driver to the policy, it’s a good time to get quotes and see if you can save by switching.
Compare Apples to Apples
Another key when calculating savings on auto insurance is making sure you’re comparing the same coverage. People who switch may be looking to save, so they reduce their coverage and get lower premiums. Unless the ads specify that the savings are on the same policy, you could be seeing inflated estimates of what people save.
When you’re shopping for insurance, look up your current coverage to get quotes on the same policy from another company. If you want to change your coverage, which is a decent idea, then get a quote from your current company as well.
Drop Comprehensive and Collision?
One of the major components of most people’s auto insurance policy is the comprehensive and collision benefits. These cover repairs to your car if you’re involved in an accident in which you’re at least partially at fault or if something happens to your car that doesn’t involve another vehicle. But for most people, there comes a point when paying for this coverage doesn’t make sense anymore.
Most drivers only make a comprehensive or collision claim every 10 years or so. To find out whether you’ll mathematically come out on top, subtract your deductible from your car’s replacement cost to calculate your maximum benefit from a claim. If you will pay more than this on your comprehensive and collision premiums during a 10-year span, you will, on average, have been better off holding onto your cash. Put some money into an emergency fund so you can handle repairs or a down payment on a replacement vehicle and invest the rest.
The Bottom Line
In general, each auto insurance company has at least one segment of the population for which it offers lower rates than the other companies. This makes for great advertising claims, but if you’re not in the target population, you won’t actually save anything by switching. The only way to find out is to evaluate your policy and get quotes from multiple companies on the coverage you want.