Millions of Americans, looking for any budget cuts they can make, fail to use the discounts available to them on their homeowners and auto insurance, according to a new survey.
More than 34% of respondents, equaling about 53 million U.S. households, admitted to not taking advantage of all of the homeowners insurance discounts available or them or not knowing of the discounts, according to a national survey, conducted for Trusted Choice and the Independent Insurance Agents & Brokers of America.
Madelyn Flannagan
More than 20% of car owners either didn’t know or said they were not maximizing all the car insurance discounts available to them.
“The latest survey shows what we suspected: many Americans could be foolishly throwing money away because they fail to ask about insurance discounts for which they may qualify,” says Madelyn Flannagan, the Big I’s vice president of agent development, education and research. “Companies often offer some unique, regional, very specific and, at times, quirky discounts. In these economic times, every dollar counts—some consumers may be able to nickel and dime their way to big savings.”
Nearly 38% of respondents with a household income of less than $25,000 said they weren’t taking advantage of all possible homeowners discounts or said they didn’t know.
The survey also found that the largest percentage of respondents, about 26%, estimated they save between 6% and 10% on their insurance premiums by using discounts.
The study’s authors say consumers could be saving as much as 30% if they take advantage of all possible discounts.
The statement on the survey indicated that independent agents can assist consumers with finding possible discounts.
No related posts.
