Are you overspending on car insurance? Here’s how to save

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MIAMI VALLEY, Ohio (WKEF/WRGT) - How much do you spend on car insurance? Turns out a handful in the Miami Valley overspend.

“We’re noticing we’re paying a lot,” Candy Pierce of West Carrollton, who has had the same car insurance for more than a decade, said. “It seems to be getting higher all the time.”

While people overspend on car insurance, it seems few do anything to lower it.

“We always think about other rates and finding ways to lower it, but we just don’t take the time, and we should, we should, but we just don’t take the time,” Pierce said.

Not taking the time to shop around for better quotes or rates is something Greg Fay said is far too common.

“That is such a common theme that we hear,” Fay, owner of Greg Fay Insurance in Centerville, said. “I never wanted to take the time or my family has been with the same company for years."

Fay, a longtime independent agent, said it’s those people that don't take the time to shop around that miss out on saving hundreds of dollars a year on their car insurance.

“I work nights, I work third, so it’s kind of hard to go out and shop around,” says 28-year-old Tanner Jackson.

The West Carrollton resident has been paying for liability coverage with Acceptance Insurance for about a year.

“I pay a little over $150, which I think is a little excessive,” Jackson said.

He said he has a pretty good driving record.

“I don’t think it should be that high at all, liability insurance shouldn’t be that excessive with my driving record," he said.

With many companies to choose from comes many ways to save. For one consider bundling your car, home and other insurance together.

“Most carries in the marketplace, their largest discount is when you bundle everything together and some savings are as significant as 20 percent,” Fay said.

Second, Fay said lowering your car insurance can come down to matchmaking.

“There are companies that fit specific drivers that have very specific circumstances going on in their lives,” he said. “I think of companies owned by Allstate and Metropolitan Life, and I think those companies do an incredible job for people with very high credit scores and high value homes.”

Whereas other companies might give better rates ensuring high risk or young drivers. It’s all the more reason people should shop around.

“Once you know what those factors are you can really drill down and find the best company and provide the best coverage and even know what bells and whistles inside of a policy might make sense.”

FOX 45's Rachel Aragon had Fay run Jackson’s information, and her personal information, among 10 different car insurance carriers.

“When I searched all of them and plugged in all your details, the best quote came back from progressive,” Fay said.

With Jackson's new insurance quote of $76 dollars a month with Progressive, Fay was able to cut his rate in half and ultimately cut down a yearly payment by about $900, while upping his liability coverage.

It goes back to finding the right fit. In Jackson’s case, Fay said he was paying more than he should be for having one moving violation on his record.

“For [Jackson] he went to one thinking that was all he was going to qualify for and he qualified for much more,” Fay said.

But if you’ve shopped around, bundled your home and auto insurance, and still feel your car insurance is high, there are other options to lower your payment.

“In the marketplace I’m seeing insurance carries move to a telematics device,” says Fay.

These devices monitor your driving habits. Many carriers offer them free of charge. With an average of three months, you can knock 30 percent off your car insurance.

The devices monitor habits such as how often you drive or how smoothly you brake or accelerate.

Whether you just drive to work or drive around the clock, to ensure the lowest rate veteran agents says you should check in with your agent at least once a year.

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