COLUMBUS, Ohio — You can walk more to save money, or you can reevaluate your car insurance rates. You may be able to slash hundreds of dollars a year without sacrificing your coverage.
A driver in the United States averages about $1,655 per year ($138 per month) for full coverage car insurance, according to a March analysis by Bankrate.
“We need to find ways to save money wherever we can and often times when I think about things like comparing insurance rates can be a huge help for your car when we're trying to save money on gas.,” said Rod Griffin, a senior director of consumer education and advocacy at Experian. “If we can find ways to reduce our insurance costs, we can save significant amounts of money potentially. So, I was encouraged people review your insurance rates at least once a year.”
Griffin says Experian is seeing savings from people of about $900 dollars a year on average.
“People don't realize that insurance carriers compete for your business and if you are a person who doesn't make many claims, who pays that premium on time every month, they may want to help you by reducing your rates and take you on as a customer,” said Griffin.
Make sure you read the fine print and a new insurance provider is legitimate. Saving money should not come with a reduction in full coverage.
For a free tool by Experian to examine top insurance rate companies can be found here.