This Car Insurance Mistake Is Costing 71% of Drivers — and They Don’t Even Realize It

It’s easy to forget about your car insurance, especially if you haven’t had any issues or recent claims.

That can lead you to assume you’re getting a good deal on car insurance, but that may not be the case, according to a recent survey by The Zebra. The findings suggest that loyalty — whether intentional or not — might be costing drivers money.

In a poll of 1,000 insurance customers, The Zebra found that only 29% of drivers compare insurance rates every six months.

That means 71% are shopping around less frequently — or not at all — potentially missing out on significant savings.

Why drivers don’t shop around

When The Zebra asked customers why they stick with their current insurance company, cost topped the list, cited by 44%. However, since most policyholders aren’t regularly checking prices, they may not realize when better deals become available elsewhere.

Good customer service came in second as a reason for staying put, followed by the convenience of bundling multiple policies.

About 7% of respondents admitted they simply hadn’t gotten around to comparing rates.

The survey also revealed that customer tenure is fairly evenly distributed:

• 21% of respondents had been with their insurer less than a year
• 26% reported staying one to two years
• 27% said they’ve been with their insurer for two to five years
• 21% reported being with the same company for more than six years

Changes in the insurance market

Insurance companies continuously adjust rates based on market conditions, inflation and claims data. That means that a competitive rate from last year might not look so good today.

Your personal situation matters too — improvements to your credit score, a clean or improved driving record and even a change in ZIP code could qualify you for lower premiums with a different carrier.

Insurers also regularly roll out new discounts for things that your current company might not offer — such as good driving records, telematics monitoring (where rates are based on metrics like how far and how fast you drive) or policy bundling.

Shop around

You may be satisfied with your current coverage, but it’s still smart to see what kind of rates and bundling options are available.

The good news is that comparing rates is quick and easy with this online comparison tool from FinanceBuzz. With just a few clicks, you can see quotes from multiple insurers and find out whether you’re overpaying. Given how frequently rates can shift, a few minutes of shopping around could save you hundreds of dollars a year.

Whether you’ve been with your insurer for six months or six years, you should be confident you’re getting the best coverage for the best price.