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If you haven’t heard yet, right now there’s a huge uproar within the auto insurance industry.

After a recent investigation, millions of car drivers have discovered they have been overpaying for their car insurance, needlessly, for many years. Shockingly, in many scenarios drivers were paying up to 50% more than they should be.

This adds up to thousands of dollars for each of the many consumers affected. The simple truth is, insurers use a scheme which they refer to internally as “Price Optimization”, to charge some of their customers much more than others. For the time being this tactic is legal, and it has resulted in a huge boost in profits for insurance companies.

Interestingly, it is drivers who purchased their policies directly online or via telephone that were often overcharged. If you purchased your policy via a select number of online services, you should not be affected.

That’s because insurance companies choose to sell a portion of their policies each year through online services at much lower rates than they would otherwise offer. Due to the fierce competition in the insurance market, they offer these much lower rates in an effort to acquire new customers – even though this reduces their profit.

Consumers shocked by prices

School teacher Karen Green recently used the service to find out if she was overpaying for car insurance on her VW Beetle and was simply shocked at the results. She input her details and received a quote that was $311.56 lower than her current policy. “I can’t believe I’ve been wasting so much money for all of these years paying higher rates” she said.

“I’m quite annoyed that I’ve been ripped off, but at the same time I’m also slightly relieved as this extra money I can get back will really help out right now”.

“The right discount can knock hundreds of dollars off your car insurance bill” says industry insider Amy Danise. But these discounts aren’t advertised or automatically offered because insurers don’t want everyone to know about them. One of the only ways to get a fair price is to use an independent industry connected service that has access to these steep discounts.

Dispelling a myth: There is a common false understanding -or myth- among car owners that once you have purchased an insurance policy you cannot cancel it. This is simply not true. You can cancel your insurance policy and change providers at anytime.

Did you know that car insurance rates have dropped?

In reality, insurance rates have dropped in recent years – partly due to better safety features in modern cars such as increased breaking power and skid prevention technology. This helps prevent crashes from happening in the first place and translates into less costs for insurers. Unfortunately these savings aren’t always passed on to customers and they instead charge even more.

If the amount you are paying for your policy this year is the same or more than the previous year, it is quite likely that you are victim of “Price Optimization” and are paying more than you should be.

If you would like to find out the “true” rate you should be paying for your car insurance policy, click here to get the answer. All you need to do is head over to their website, fill in your zip code and a few other details and then click “Compare”. The whole process is very fast, very easy and FREE. It will take around 4-5 minutes to complete and could save you hundreds of dollars.

If you’d like to save potentially hundreds of dollars on your car insurance, click here.

You may very well be shocked with the cheaper rates available.

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