Drivers complacent about auto insurance will miss out on considerable savings – survey

Drivers complacent about auto insurance will miss out on considerable savings – survey | Insurance Business

Drivers complacent about auto insurance will miss out on considerable savings – survey

Fewer drivers in Ontario are shopping for auto insurance in recent times, and it is leading to them missing out on as much as $700 in annual insurance savings, a new survey from RATESDOTCA found.

The insurance comparison website suggested that drivers seem complacent with their current auto insurance regardless of pricing. According to RATESDOTCA’s survey, less than one in four Ontario drivers (23%) shopped around for auto insurance in the past year. By comparison, nearly one in three Canadians (31%) shopped around for a cellphone plan or for a new internet service (32%).

However, RATESDOTCA also found that drivers who do switch their auto insurance also ended up saving more money:

 

Saved less than $40/month

Saved more than $40/month

Auto insurance

38%

56%

Home insurance

52%

35%

Cellphone

62%

37%

Internet

52%

47%

Of the 77% of survey respondents that did not shop around for auto insurance in the past year, 15% said that switching insurance was “too much hassle,” while another 6% said that switching simply never occurred to them as an option.

By switching insurance, Ontario drivers can save as much as over $700 in annual auto insurance costs, RATESDOTCA found.

“It is troubling to see more than 1.4 million Ontario drivers feel it is either too much hassle to switch or that it never occurred to them in the first place, even though the amount they could save equals what an average family of three spends on groceries a month,” said RATESDOTCA managing editor Jameson Berkow. “And, that the majority of Ontario drivers surveyed say they don’t shop around for car insurance suggests there is a real lack of awareness about the ease of doing so, and the options and resources that are available.”