Auto Insurance Savings: Doing your homework pays

A basic auto insurance policy is comprised of several different coverage types. Unlike a new flat screen television that comes in a box at Wal-Mart or Best Buy, insurance is not something that you just purchase. There is a customization aspect to it, as you end up buying a mix of insurance types to create a coverage set that best suits your needs and risk tolerance. The most well known parts of many policies include collision, bodily injury, uninsured motorist, comprehensive, etc. Some of these are required by state law in certain parts of the country while others may be optional.

While Americans love to go to the mall or shop for a new car, the search for auto insurance just cannot seem to create that same feeling of excitement; never has and never will. It is just one of those things that is done out of necessity rather than for pleasure. We don't like to spend time and effort doing it. It is no fun, and we would all rather just check it off our to-do lists. Not surprisingly, the statistics supported this. A few years ago, just one in five American drivers could be bothered with comparison shopping. Today, in the midst of a recession, a new study sponsored by the Insurance Research Council showed that people have been looking for ways to save on auto insurance. In fact, the survey showed that almost 30 percent of drivers have looked to lower their premium when they otherwise would not have done so. A six month policy for identical drivers with identical coverage types can vary by more than a few hundred dollars between insurance companies.

In today's economic climate, it pays to not just go with your family's insurance company or the first one you see in the phone book. Take the time to request a bunch of quotes once a year or whenever you change vehicles. Think about a few hundred dollars every six months. A little bit of homework won't sound so bad.

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