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American insurance customers focus too much on price

Posted On Fri, April 20, 2012

A report conducted by the Insurance Journal showed that consumers typically look for insurance policies that may be unnecessarily expensive.

It was initially thought that consumers were going out of their way to purchase the least expensive plan, just because it gave them some coverage, the news source noted. A total of 25 percent of agents noted that 90 percent of their customers pick the least expensive insurance option.

"Companies are so impressed with themselves and their coverage that they have lost touch with the reality that the consumer is looking for the lowest price, period," one agent told the news source. "The name, the coverage selection, the service almost make no difference."

However, more than 30 percent of agents noted that at least one-quarter of the time, if not more frequently, consumers end up choosing a more expensive plan, the report added.

Consumers looking for inexpensive insurance options may benefit from avoiding picking a plan solely based on the price. With so many choices available, it could make sense to compare insurance quotes, as this will ensure that a person keeps all of their options open.

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