76% of Americans Who Shopped Around for Insurance Saved Money According to a ValuePenguin.com Survey

NEW YORK, April 29, 2021 /PRNewswire/ -- Like a good neighbor, 15 minutes could save you if you're in good hands, right? Most Americans know insurance companies. Whether it's through catchy slogans or lovable spokespeople, yet despite all these ads, 26% of Americans have never compared multiple insurance quotes, according to a new ValuePenguin survey, and it could be costing them. 

ValuePenguin (PRNewsfoto/ValuePenguin.com)

We surveyed more than 1,000 American consumers to see who's shopping around and who's saving on insurance.

Key findings: 

  • Americans could be forgoing hundreds of dollars in savings by not doing a little research. 26% of Americans have never compared multiple insurance quotes. That's probably costing them money, as 76% of consumers who have shopped around say they've saved money by doing so.
  • Shopping around for insurance takes up to two hours for many Americans. Of consumers who've shopped around, the majority (66%) say it takes between 30 minutes and two hours, while 16% say it takes less than 30 minutes.
  • A significant percentage of consumers didn't shop around the last time one of their insurance policies was up for renewal. Notably, 44% of consumers with homeowners or renters insurance and 39% with auto insurance didn't compare multiple quotes during their most recent renewal.
  • Bundling — buying several products from the same provider — can be a way to potentially save money on insurance costs, but many have never looked into it. While bundling may not always be your best option (18% say it was cheaper to use separate providers), taking the extra step to compare costs could pay off, as it did for the 55% who are bundling their insurance policies.

View full report: Shopping Around for Insurance

About ValuePenguin.com: ValuePenguin.com, part of LendingTree (NASDAQ: TREE), is a personal finance website that conducts in-depth research and provides objective analysis to help guide consumers to the best financial decisions. ValuePenguin focuses on value, assessing whether the return of a particular decision is worth the cost or risk of that option, and how this stacks up with the other possible choices they may have. For more information, please visit www.valuepenguin.com, like our Facebook page, or follow us on Twitter @ValuePenguin.

Media Contact:
Nadia Gonzalez (Mrs.)

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SOURCE ValuePenguin.com

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