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Not Shopping for Insurance Can Lead to Overcharges

AUSTIN—A study conducted by The Office of Public Insurance Counsel (OPIC) supports the idea that shopping your insurance policy can yield savings.  The agency’s Executive Director, Deeia Beck said, “according to our data, the longer a policyholder stays with the same company, the more likely it is that they are overcharged.”  The study indicates that policyholders who have been with the same company for more than eight years could save over 19% on their annual auto premiums by switching to a new company.  Mrs. Beck said, “This would mean annual savings of at least $194 for the average full coverage Texas auto premium.”   

“This study supports what we have believed for a long time.  Consumers must shop their policies to ensure they aren’t overpaying for insurance,” said Mrs. Beck.  “We encourage all policyholders to make use of HelpInsure.com to view the general range of rates that are available in the market and to utilize OPIC’s policy comparison tool at www.opic.state.tx.us to make sure their policies have the provisions and features they need.”   

For additional information, contact the Office of Public Insurance Counsel at 512-322-4143. A copy of the report can be found here. A Spanish version of the report is available here.