Auto Insurance Scary Story: Wild Variation in Quotes

Contributed by mm | August 22, 2006 7:29 AM PST

KIRO7 reported that you may receive wildly different quotes when you do comparison shopping for car insurance. Sometimes, one quote can more than double another quote, and other times, quotes from different agents for the same insurer can differ a lot.

From KIRO7:

KIRO 7 Consumer Investigators put together a comprehensive study with the help of 29-year-old Eric Olsen.

Eric drives a '97 Jeep and has a spotless driving record. He got quotes from the five largest insurance companies in the state.

Quotes are all over the map. A Farmers agent wants $1,219 for a six-month policy while Pemco charges $570 -- less than half Farmers' price.

That's in Seattle. If you move to Issaquah, Pemco will only charge you only $380.

And we found more puzzling information: You can get wildly different quotes from the same company depending on what agent you talk to.

One Farmers agent gave Eric a quote of $763. Another Farmers agent quoted him $949 -- same driver, same address, same insurance companies, different quotes.

What do you think of this post? Be the first to share your opinions.

Enjoy the latest personal finance news and commentary at PFBlog Network.

Similar Posts

Is Your Car A Likely Theft Target? (August 24, 2006)
Of course, it goes without saying that the more likely your car will be stolen, the most insurance premium you will pay. The top 5 easy targets: 1. Cadillac Escalade 2. Mitsubishi Lancer Evolution 3. Dodge Ram 1500 Quad Cab pickup 4. Ford F-250 and ...

Auto Insurance Premium Drivers: The Quantitative Analysis (August 23, 2006)
Blueprint for Financial Prosperity publishes a study of how individual factors in the auto insurance application will change the premium by using Kanetix, an online comparison shopping engine for car insurance. The result is shocking. For example, getting married can save you 22% on premium ...

Different Business Models for Auto Insurers (August 21, 2006)
This Fool.com's feature can be seen as a great description of different business models employed by the top auto insurers. Smart buyers of auto insurance can learn the pros and cons of dealing with different players in the industry by reading this.

Most and Least Expensive Cars to Insure (August 20, 2006)
Think carefully before you choose the model of your next car? Not only for gas economy, but also for insurance premium. Every dollar counts! Most Expensive Cars to Insure: 1. Mitsubishi Lancer Evolution 2. Mercedes CL 3. Dodge SRT-4 4. Subaru Impreza WRX 5. Jaguar ...

Comments

Add Your Comments