DCBS Media Release
February 27, 1996
Consumer guide can help save money on auto insurance
Is it possible for an Oregon family to save as much as $4,000 a year on its auto insurance bill? Yes, according to a new consumer guide now available from the Oregon Insurance Division, if you simply shop around.
In the confusing world of auto insurance, many consumers don't have answers to all the questions, such what's the difference between comprehensive and collision coverage. but most consumers would like to know how they can save money on their insurance premiums.
The Insurance Division's Consumer Guide to Auto Insurance in Oregon answers the questions and can help consumers save money. It provides prices comparisons among the state's largest auto insurance companies, tips to help consumers shop for a policy that best meets their needs, a glossary of often-confusing insurance terms, and a checklist to help consumers lower their costs. And the 20-page publication is free of charge.
The guide includes price estimates from 42 insurance companies doing business in Oregon. These companies make up over 90 percent of the personal automobile insurance market in the state. For each company, rates are listed for 20 cities throughout Oregon. This information is listed in five easy-to-compare charts, each representing a typical consumer.
For example, the charts show that a family of five can pay as much as $2,820 every six months to insure two vehicles and three drivers. Or the same family can pay as little as $495 for the same insurance coverage. Simply by shopping around, this family could save $4,650 per year on auto insurance.
Oregon Insurance Commissioner Kerry Barnett said, "This guide demonstrates the value of shopping for auto insurance. The family in our example could set up a nice college fund for the children just from the savings."
When shopping for an insurance policy, the Insurance Division advises consumers to look beyond the price alone and consider the quality of service provided by the company, the claims process, policy provisions, and coverage limits.
For a free copy of the Consumer Guide to Auto Insurance in Oregon, Oregon consumers can write: Oregon Insurance Division, 350 Winter St. NE, Room 440, Salem, OR 97301-3883.