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Many Americans changing auto insurance plans

Posted On Fri, May 4, 2012

New findings from a study compiled by J.D. Power and Associates show that fewer customers are shopping around for plans, but more people are switching their policy provider.

The firm's 2012 U.S. Insurance Shopping Study showed that 25 percent of Americans with an insurance plan looked for a new provider during the past year. This is eight percentage points below 2011's figures. However, 43 percent of these shoppers decided to switch providers during that time.

"Although fewer consumers are shopping for insurance, more current customers who do are willing to make a switch based on competitive quotes," said Jeremy Bowler, senior director of the global insurance practice at J.D. Power and Associates. "The increase in the proportion of shoppers actually switching suggests that fewer price-checkers are gathering quotes they are less likely to act upon, perhaps a direct result of the lower typical savings derived from switching, which has decreased from an average of $412 in 2010 to only $359 in the past 12 months."

More than half of those who are looking for auto insurance go online to find a deal, the study said. In addition, three-quarters of shoppers look to at least one insurance company website during their time shopping. More than 32 percent of insurance purchasers prefer to only get their quotes online, while slightly more who have purchased a plan recently stated that they would rather look online for options.

It may be a good idea to compare auto insurance quotes before making a switch, as this can help a person find a policy with the lowest auto insurance rates possible. There are many policies available, and consumers who are patient may find exactly what they need.

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