Answer: Over 1/3 of consumers say they don’t shop around for car insurance (despite the gecko imploring us to do so and car insurance companies spending billions to persuade us to switch!)
A recent survey conducted for insuranceQuotes.com determined that the average U.S. driver has not changed insurance companies in 12 years, with about a quarter of them staying with the same carrier for more than 16 years. Thirty percent of drivers say they compare quotes every few years, while a stunning 36 percent never bother to look for the best rates.
As for who is least likely to switch…
The survey found that millennials and senior citizens are the least likely among all demographic groups to shop around for auto insurance. What’s more, 46 percent of motorists in the U.S. confessed to not knowing they can change their auto insurance carriers at any time. “Even if you paid for six months or a year of insurance upfront, the company will reimburse you if you choose to switch,” explains Adams.
Why do your students think people may be so hesitant to shop around?