Posted on 16 Nov 2009
As millions of Americans look for ways to stretch their budgets to survive these tough economic times, too many are not utilizing all of the discounts that may be available to them in their homeowner and auto insurance, according to a new national survey conducted for Trusted Choice® and the Independent Insurance Agents & Brokers of America (the Big "I").
The survey asked home and auto owners if they believed they are taking full advantage of all the discounts they qualified for on their homeowners and auto insurance policies. More than 34% of respondents, representing 53 million households, admitted they are probably not taking advantage of all homeowners insurance discounts or said that they simply didn’t know. Regarding auto coverage, 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, Big “I” 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.”
And those who stand to benefit most from the discounts are often those who aren’t taking advantage of them: 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 6-10% on their insurance premiums by using discounts. In reality, many consumers could be saving significantly more—as much as 30%.
“One of the biggest advantages to using an independent insurance agent is that they can explore the various companies and find the best possible coverage for each individual family or business,” says Robert A. Rusbuldt, Big “I” president & CEO. “Finding specific discounts can be time-consuming and confusing, so we advise consumers to consult with their Trusted Choice® independent insurance agent and ask questions.”
The survey was conducted for Trusted Choice® via telephone by International Communications Research (ICR); an independent research company in Media, Pa. Interviews of a nationally representative sample of 1058 U.S. households were conducted in Oct. 28 – Nov. 1, 2009. More information about ICR can be obtained at http://www.icrsurvey.com.
For more information on the survey results or to request an interview with a national spokesperson or local insurance agent in your area, please contact Sue Nester (broadcast), (703) 706-5448, email@example.com or Margarita Tapia (print) at (703) 706-5374, firstname.lastname@example.org.
Trusted Choice® agencies are insurance and financial services firms. They represent multiple insurance companies, offering individuals and business owners a variety of coverage choices, customized insurance plans to meet specialized needs as well as advocacy support. These firms adhere to a pledge of performance, committing them to providing excellent customer service. Go to www.TrustedChoice.com and click on “Find a Trusted Choice® Agent” on the homepage to locate the right agency for your needs.
Founded in 1896, the Big “I” is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of more than 300,000 agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life, health, employee benefit plans and retirement products. Web address: www.independentagent.com.