When it comes to saving money, pick the lowest-hanging fruit first. A new survey from Insurance.com compared the per-minute value of tactics such as changing cellphone carriers, carefully pricing new vehicles and seeking a better car insurance rate.
Shopping for insurance won quite handily, with a value of $54 per minute.
A cynic would call that pretty convenient, since Insurance.com has an auto-insurance rate comparison tool. But the fact is that consumers often benefit by using a tool like this.
In part that’s because a change in circumstances – reaching the age of 25, getting married, moving, taking a job with a shorter commute, even improving your credit score – can mean better rates. But it’s also because even reasonably intelligent people wind up overpaying from the get-go and fail to do anything about it.
I know this because I overpaid for car insurance myself. Way overpaid. For way too long.