Fewer Drivers Choosing To Compare Car Insurance Quotes
The latest survey from J.D. Power and Associates found that car insurance customers are scaling back their comparison shopping habits from last year. The survey found that the proportion of policy-holders who were seeking a new insurance provider fell from 36% a year a go to 28% most recently.
Jeremy Bowler, J.D. Power and Associates' senior-level director of insurance said: "Many customers are employing a hunker-down mentality." Bowler further goes on to state that customers have become accustomed to their current provider, and are hesitant to risk going outside of their comfort zone by searching for quotes.
The fact remains, however, that rates from May to June of 2009 fell by about $100 a year.
Some Car Insurers "Shooting" On All Cylinders
On the other hand Warren Buffet's Geico car insurance company is "shooting the lights out" according to Buffet. Even in the tough economy, Geico managed to add 505,000 new customers from January to May of 2009. Says Buffet: "It's something in the American psyche, where the guy who didn't care about saving $100 on his auto insurance policy – or some number a year ago – and preferred to not make the change, they're coming to us now."
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