Auto Insurance the way I figure it could be free!
I am amazed at the number of auto insurance companies that advertise on TV. There must be at least a dozen and half that number that seem to dominate. Hardly an hour goes by without seeing an ad from one of the following: GEICO, Progressive, the General or Allstate (and their online subsidiary, Esurance). Ig I have been amazed at these companies stating that I can save big bucks if I switch to them. I wonder how that can be when they are spending so much on advertising, but then this is a $22 Billion a year industry!
|Rank||Company/Group||2013 Direct Premiums Written ($1,000s)||Market share %|
|1||State Farm Group||33,611,001||18.48|
|2||Berkshire Hathaway Insurance||18,622,626||10.24|
|3||Allstate Insurance Group||18,067,452||9.93|
|4||Progressive Insurance Group||15,373,142||8.45|
|5||Farmers Insurance Group||9,880,905||5.43|
|7||Liberty Mutual Insurance Cos.||9,036,455||4.97|
|9||American Family Insurance Group||3,441,682||1.89|
I have two cars, one with full coverage and the other with everything except collision. I pay just over $1,100 a year for my insurance. One company claims I can save 15% and also up to $550, another, AARP (through the Hartford), $404 per year, $489 with State Farm (all of these claims were taken from Internet sites). So, in theory all I have to do is make three switches and by the time I am covered by the 3rd company they will pay me to be with them!
The bottom line is that I guess these folks must think their potential customers are idiots? As a side note, I picked three companies that claimed I could save and requested quotes for identical coverage and………of course they were all much higher (in one case almost double).