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14.1 COMPARISON SHOP FOR INSURANCE HOMEOWNERS AND AUTOMOBILE INSURANCE
==Average
Discount = $200
There
can be a huge difference in the price of automobile and homeowners insurance for the exact
same coverage.
One
automobile policy can cost three times as much as another! Always shop around. In Maryland,
for example, a company charged $7480 for a policy, while another only charged $2145. The
coverage was same; the difference in price was three and a half times! Your savings may
not be as dramatic but it definitely pays to compare. Less than half of drivers compare
rates, and only a sixth of drivers call more than two companies. You must, it seems, call
five or six.
There
can also be a big difference in homeowner policies with the same coverage.
Comparison
shopping for insurance will pay you back handsomely. You might save $100s to $1000s this
year and every year from now on. For an accurate comparison you must give each company the
same policy specifications.
However,
don't always buy the lowest priced policy. Find an established company that settles claims
quickly to the satisfaction of policy holders.
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