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Daniel T. Murray Blog: money

View the latest blog posts from Daniel T. Murray.

Big savings are not all they seem, at least when it comes to buying auto insurance.

The just-released J.D. Power 2014 U.S. Insurance Shopping Study finds that poor service is a leading reason why customers shop for and switch to a new auto insurer, rather than price.

Declining satisfaction with new price is also the primary reason customers are less satisfied when they do switch insurer, according to the study findings.

J.D. Power notes that some 30 percent of auto customers shopped for a new insurance provider in 2013, of which 36 percent ultimately switched insurers.

Perhaps surprisingly, increases in premiums do not drive shopping as much as poor experience.

Customers who have a poor experience with their insurer shop at a rate of 28 percent – more than double the rate of shopping among those who experience a premium increase (13 percent).

Another key takeaway is that customers are tolerant of rate increases at a certain level. However, rate hikes of more than $200 can triple the rate of customers who switch insurers.

A press release quotes Jeremy Bowler, senior director of the insurance practice at J.D. Power:

Price, however, is still important in the selection process with eight in 10 customers selecting the lowest-price insurer.

Price is also an increasingly important driver of new-buyer purchase experience satisfaction once customers have selected a new insurer. Overall new buyer satisfaction with the auto insurance buying experience averages 821 (on a 1,000-point scale), down significantly from 828 in 2013.

J.D. Power notes that the decline in satisfaction is driven by a 17-point drop in the price factor, which has the greatest impact on customer satisfaction.

Read More: Source


Did you know that taking 15 minutes to get married could save you at least 15% on your car insurance?

According to a report, a 20-year old married woman pays an average of 22% less for car insurance than her single counterpart. And a married 20-year-old man pays 20% less than his single friend of the same age.

Your gender and age also significantly affect how much you pay, the report found.

As people mature, gain experience and take on more responsibilities, they become safer drivers, Mike Barry, a spokesman for the Insurance Information Institute, says.

Age is the biggest factor. At age 20, a single male driver will pay 49% more than a single man who is 25. An unmarried woman will pay 39% more at age 20 than at age 25.

The lowest premiums are charged to drivers at age 60. After that, premiums start to creep up again. By the time a single man is 75, for example, he's paying 20% more than a single man at age 60.

Gender discounts are not as large, but insurers do charge women much less than men during the first years they're on the road.

A 20-year-old woman pays 19% less than a man the same age. By the time they're both 25, the gender difference drops to 4% and narrows through age 30. After that, men pay slightly lower premiums.

"Insurers price their policies to reflect the claims risk," said Barry. "They look at claims filings and arrive at conclusions as to who is likely to file more -- and more expensive -- claims."

Shopping around can help cut costs, according to Adams.

"In addition to regularly comparing at least three quotes from different insurers, consumers should review potential discounts with their current insurer," she said. "This is even more important for younger drivers because they tend to pay the highest rates."

Students who carry a "B" average or better may qualify for discounts of up to 20%, depending on their carrier, she said. They can also reduce their premiums by raising the deductible they pay.

Read More: Source

Posted 9:05 AM  View Comments


Did you know that taking 15 minutes to get married could save you at least 15% on your car insurance?

According to a report, a 20-year old married woman pays an average of 22% less for car insurance than her single counterpart. And a married 20-year-old man pays 20% less than his single friend of the same age.

Your gender and age also significantly affect how much you pay, the report found.

As people mature, gain experience and take on more responsibilities, they become safer drivers, Mike Barry, a spokesman for the Insurance Information Institute, says.

Age is the biggest factor. At age 20, a single male driver will pay 49% more than a single man who is 25. An unmarried woman will pay 39% more at age 20 than at age 25.

The lowest premiums are charged to drivers at age 60. After that, premiums start to creep up again. By the time a single man is 75, for example, he's paying 20% more than a single man at age 60.

Gender discounts are not as large, but insurers do charge women much less than men during the first years they're on the road.

A 20-year-old woman pays 19% less than a man the same age. By the time they're both 25, the gender difference drops to 4% and narrows through age 30. After that, men pay slightly lower premiums.

"Insurers price their policies to reflect the claims risk," said Barry. "They look at claims filings and arrive at conclusions as to who is likely to file more -- and more expensive -- claims."

Shopping around can help cut costs, according to Adams.

"In addition to regularly comparing at least three quotes from different insurers, consumers should review potential discounts with their current insurer," she said. "This is even more important for younger drivers because they tend to pay the highest rates."

Students who carry a "B" average or better may qualify for discounts of up to 20%, depending on their carrier, she said. They can also reduce their premiums by raising the deductible they pay.

Read More: Source

Posted 8:15 AM  View Comments


What makes something worthwhile? When it comes to your home, it’s all about long-term benefits. These four actions will save you tons of time and money down the road!

Plant Trees. If you have a yard that can handle it, planting a few trees on your property will go a long way. Not only will trees provide comfortable shade and reduce your cooling bills during the summer, they'll also increase your property value by 7 to 15 percent over time. Win-win!

Keep Track of the Past. Ten years from now, are you going to remember the exact date you had your roof repaired? Probably not! Routine maintenance and upkeep is a lot easier when you have detailed records of everything that’s happened to your home, so record as you go.

Inspect “Hidden” Areas. How is the insulation in your attic looking these days? What about the pipes in your basement? These unseen areas of your house can fall into disrepair if you don’t check them out every once in a while! For a more detailed list of important spots, read: Inspect This! The BrightNest Home Maintenance Roundup.

Be Proactive. It’s easy to ignore small problems around the house. But if you get into the habit of ignoring issues like squeaky doors, peeling wallpaper and dripping faucets, you no longer have a "small problem." You have a Frankenstein monster of minor complications. The solution is easy: if something's broken, simplify your life by taking care of it right away.

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Posted 8:11 AM  View Comments


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Daniel T. Murray, Inc.
19150 Wolf Road  Mokena, IL  60448
708.479.2266
708.404.0997

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dan@danmurrayinsurance.com


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