Auto-insurance premiums have long since reached big-ticket status, so it pays to look for opportunities that will keep your costs down without sacrificing protection. Here are some things you can do:
Posing as ordinary buyers, investigators with the Pennsylvania Insurance Department once visited 186 insurance agencies in three cities. Of the 92 Philadelphia agents contacted, fewer than 30% volunteered information on discounts and deductibles that could have reduced premiums 20% to 40%.
The lesson: Arm yourself with as much information as you can before you start calling companies. You’ll find that some kinds of information are easier to get than others. It’s fairly easy to get cost and coverage information, but it’s also important to find out about the insurer’s complaint record — especially if you get a good cost quote from a company you’re not familiar with.
Visit NAIC.org to find the contact information for your state insurance office; many of them keep track of consumer complaints and will share the results if they’re asked. You can also look up consumer complaint statistics directly at www.naic.org/cis. Type in the name of the insurer, and choose “property/casualty.” Click on the name of the company, then on “closed complaints” and finally on “closed complaint ratio report.”
