Study: Car Insurance Quotes Vary by Hundreds of Dollars

Shopping around for car insurance can really pay off, a new study from Online Auto Insurance indicates. The website compared quotes for South Carolina residents from 20 different insurers and discovered vast differences in price.


Different insurance companies gave the same driver quotes that varied by several hundred dollars for the exact same insurance, the study found. The lowest quote for insurance uncovered by the survey was often less than half the amount of the highest quote.

The surveyors asked for quotes for a year of coverage for a single 34-year-old man with a good driving record. They discovered that it wasn’t uncommon for one company to charge the same driver twice the rate that a competitor was charging.

The results of this study indicate that a lot of people are paying too much for auto insurance. Some drivers are paying more than twice than they should for the exact same coverage.

Some Highlights of the Study

  • The average auto insurance policy in Spartanburg cost $783 a year, but the highest quote was $1,112 a year.


  • The highest quote for a car insurance policy in Spartanburg was $1,112 a year, or $670 more than the cheapest policy available in that city. The cheapest policy cost $442 a year.


  •    The average car insurance policy in Spartanburg cost $341 more than the cheapest quote.


  • The same insurance companies charged several extra dollars a year for the same policy issued in different cities in South Carolina.


  • Smaller, lesser known companies charged less than some of the big national companies.

The moral of the story here is obvious: shop around for car insurance, and get a wide variety of quotes from different companies. A good way to do this would be to visit several different insurance websites and use their search features to look for a quote.
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