Tab NavigationNew Year's Resolution 2009: Review Your Auto Insurance Policy
68 Million Drivers May Not Be Getting the Most Out of Their Policies, According to GMAC Insurance
WINSTON-SALEM, N.C., Dec. 17 /PRNewswire/ -- Just in time for the New Year, GMAC Insurance has released survey results showing that 34 percent of licensed American drivers - approximately 68 million people - failed to review their auto insurance policy in the past year. "The beginning of the year is a great time to get your financial house in order," said Wade Bontrager, vice president of Marketing for GMAC Insurance. "While you're already looking at your finances, it's easy to get out that auto insurance policy and make sure you're getting everything you can from it. We encourage drivers to make this one of their New Year's resolutions not just this year, but every year." The GMAC Insurance survey demonstrated that the tendency to evaluate one's policy becomes more routine with age. Drivers between the ages of 45 and 65 were most likely to report reviewing their auto insurance policy in the past year, with 70 percent doing so. However, only 51 percent of drivers aged 16 to 24 say they have conducted an assessment. Bontrager says it is also worthwhile to review your policy when it comes time to renew as well. "While 43 percent of drivers report comparison-shopping when looking for an auto insurance policy, 33 percent of drivers don't even think about it, they simply renew their existing policy and leave it at that. "However, it's so important that you fully research your policy. For example, our customers are offered a series of concierge-style services, and we want everyone to know the extra value they are receiving free of charge," said Bontrager. Top Reasons to Review Your Auto Insurance Policy -- Your insurance company has new offerings. Your insurance company might have introduced a new service that you could benefit from. As an example, in 2008 GMAC Insurance launched SmartInspect, a post-repair inspection service that ensures the quality and value of repairs. -- You drive less. If high gas prices have lowered your annual driving mileage, some companies now offer a substantial low-mileage discount, such as the Low-Mileage Discount launched in 2008 by GMAC Insurance in collaboration with OnStar. -- You could save money. It is more necessary than ever to get the most for your money when it comes to transportation costs. For your auto insurance policy, make sure your coverage is at a sufficient level to protect your assets, but also research any discounts you may be available for, such as a GM Loyalty Discount if all vehicles on your policy are GM products. -- You have a specialized vehicle. If you have a specialized vehicle, whether it's an RV or a commercial vehicle, a standard auto insurance policy will not provide the coverage you really need. Check with your auto insurer to see if they offer specialized policies, and if not, consider switching to a company that does. You may be eligible for a loyalty discount as well if you move all your auto insurance policies to that company. The GMAC Insurance survey was administered by TNS, a leading market information resource and the world's largest provider of custom research and analysis. The national sample was comprised of 5,524 licensed drivers in the United States, aged 16-60+. For more information about TNS, please visit www.tns-us.com. For more information about GMAC Insurance coverage and to find a local independent agent, call 877-468-3466, or visit www.gmacinsurance.com. The GMAC Insurance Group is one of the largest automobile insurers in the United States and is a wholly owned subsidiary of GMAC Financial Services. GMAC Insurance Personal Lines offers a variety of property and casualty products, including personal auto, RV, motorcycle, commercial auto and homeowners insurance. With a nationwide network of claims professionals, local independent agents and a 24-hour, toll-free claims hotline available 365 days a year, GMAC Insurance provides superior claims service for its customers. About GMAC Financial Services GMAC Financial Services is a global finance company operating in and servicing North America, South America, Europe and Asia-Pacific. GMAC specializes in automotive finance, real estate finance, insurance, commercial finance and online banking. As of Dec. 31, 2007, the organization had $249 billion in assets and serviced 15 million customers. Visit the GMAC media site at www.media.gmacfs.com for more information. SOURCE: GMAC Insurance Web site: http://www.gmacinsurance.com/ |
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