Last Updated May 5, 2010 8:28 AM EDT As Neil Sedaka's Breaking Up Is Hard to Do plays in the background, actor Dennis Haysbert speaks directly to the camera in his most presidential baritone: "drivers who switched [to Allstate] saved an average of $396 a year ... $473 if they dumped GEICO." Wow, sounds enticing. And yet, auto insurer 21st Century boasts an even better deal: Its customers saved an average of $474 a year by dumping their carrier, the company says. But wait, there’s more! Drivers who switched to Progressive saved an average of $550, according to Progressive. Are these savings figures for real? And can you really save $400 or more a year by switching your car insurance? After trying to squeeze the truth out of insurance companies and speaking to consumer advocates, we found that the answers are: Yes, you can probably save a lot of money by making changes, but there’s no single company that offers the best deals. How Insurers Get Their Savings Figures It … [Read more...] about Car Insurance: Save Money by Switching?
How much does car insurance cost
You're paying more for a summer barbecue, a fast-food burrito and a new Netflix subscription this year, but behind the wheel you're getting a bargain. That's because it's actually gotten cheaper to own a car, according to a new study by AAA. It now costs an average of $8,876 to own and drive a typical sedan, or 2.7 percent less than the $9,122 it cost last year. Why the drop in price? It's mostly because gas was expected to be cheaper. AAA based its study on a per-gallon rate of $3.278, which was the price in late 2013. That compares with the $3.486 used in last year's report. Drivers are also seeing lower costs for tires, insurance and depreciation than in the past, John Nielsen, AAA managing director of automotive engineering and repair, told CNBC. Of course, gas prices are now higher than the rate AAA factored into its report. The average price for a gallon of regular is $3.652 nationwide, compared with $3.576 a year ago. Unless that changes dramatically, AAA's cost … [Read more...] about How much does it cost to own a car in 2014?
By Ellen Chang/MainStreet.com Technology which connects your car to traffic signals will help consumers avoid accidents, reduce fuel consumption and delays during their daily commutes. This technology means consumers could be spending less money in the future since less gasoline will be used and auto insurance rates could drop with fewer accidents occurring. Connected vehicle technology integrates traffic management and is now part of many drivers' everyday lives. Studies conducted by the U.S. Department of Transportation indicate that 83 percent of crashes will be avoided through the use of connected vehicle technology. Intersections containing the technology can move traffic along more efficiently -- delays are estimated to be lowered by 17 percent, the number of times a driver needs to stop is lowered by 22 percent, the amount of gasoline used falls by 5 percent and C02 emissions get eliminated by 5 percent, said Ben Collar, director of research and development for Siemens Road … [Read more...] about How a “connected” car could save you money
The kids are in the bounce house, crying. The spouse is glaring at the clock on the wall, and giving you that evil sideways eye dart. But you don’t care. You’re holding out for a better price on the new car that sits, clean and pretty, ready for you to drive home in the dealership showroom. Just $500 more and you can seal the deal, go home and celebrate. As important as negotiating the price of your vehicle is, the money you save at the dealership could be lost if you fail to research the total cost of ownership. In fact, it’s arguably just as important to choose a vehicle that reduces expense and holds value over time. Here’s an example: the base sticker price (including destination charge) of a Hyundai Sonata is $22,935. The Sonata’s 5-year cost to own is $36,800. According to the seventh annual Kelley Blue Book 5-Year Cost to Own Awards,that’s the best, or lowest, cost of ownership in the midsize sedan category. The takeaway? The lowest cost … [Read more...] about Value defines these cheap-to-own cars, which cost the least amount of money over the long haul
It doesn’t matter if you have a perfect driving record. If you’re poor, you’ll pay significantly more for basic car insurance, a consumer advocacy group said Monday. In its new report, the Consumer Federation of America (CFA) analyzed price quotes for minimum liability coverage and found that lower-income drivers with perfect driving records were quoted premiums costing an average of 59 percent, or about $681, more than those for drivers with higher incomes. The Washington, D.C.-based consumer watchdog group said it’s unfair for insurance companies to consider motorists’ education, occupation, marital status and housing in deciding how much they should pay for car insurance. One of the greatest disparities popped up in Minneapolis, one of 15 cities where insurance quotes were analyzed. GEICO charged a lower-income female in Minneapolis 300 percent more than a similar female driver with a higher socioeconomic status, the group said. Robert Hunter, the … [Read more...] about If you’re poor, you’ll pay more for car insurance, study finds