Can Auto Insurance Companies Save You As Much As They Claim?
Car insurance companies have been competing for your business for years, and among their strongest claims they say they can save you so much over the competition. Can they really save you that much? How do you go about getting savings? You hear it on the radio, see it on TV and in the mail. Company A can save you 15 percent over the competition on your auto insurance. Or, you can save $473 just by switching to Company B. That’s a lot of money. Are people really saving that much? The way the insurance industry works, it would really depend on a lot of different factors. This was confirmed by a recent article on CBS MoneyWatch, ”Can You Really Save Money By Switching Car Insurance,” in which several auto insurers replied with that same answer: It depends. Insurance companies use a variety of factors to determine the risk of a loss for a particular driver. These would be things like age, location, driving record, type of car, miles driven annually — even credit history. A high-risk driv
