Question of the Day: What percentage of Americans have NOT shopped around for auto insurance for two years or more?

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Dec 09, 2018
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Question of the Day, Insurance, Research, Behavioral Finance

Answer: 48%

Questions:

  • What types of items do you shop around for before making the purchase decision?
  • What types of items do you NOT shop around for before purchasing ? Why do you choose not to find other prices for these items?
  • What are ways that you can compare prices for auto insurance policies? 
  • If you were told that you could save $400 a year if you shopped around for auto insurance, would you do it? 

Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (from Nerd Wallet):

NerdWallet’s analysis shows that drivers without tickets or violations may be missing out on saving $416.52 a year, on average nationwide, by failing to compare car insurance.

In addition, 38% of Americans who currently have car insurance say that they haven’t price checked their insurance by comparing it with quotes from other companies in at least three years (or ever), the survey found. More than 1 in 5 (21%) haven’t checked in at least three years and 17% haven’t checked at all.

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.