Insurance Learning Center > Auto Insurance > Ist it really possible to save 15%? >

Possible to save 15% in 15 minutes or less on your car insurance?

Unless you've been living under a rock the last few years I'm sure you've heard the little gecko mention his slogan hundreds of times. Did you ever wonder if this could possibly be true? All types of questions probably run through your head. How could you really save 15% off your car insurance? Are you really paying that much more than you should? Well, here's the real answer... YES and NO. To understand why there are two answers, one must understand the basics of insurance rating/pricing first.

Cheaper Auto Insurance

Zip Code:


Every person who owns a car is subject to carrying auto insurance and every person's scenario is just a bit different causing different rates for every person with every different insurance company. It's difficult to compare your policy with someone else's because of all the factors that go into rating individual policies. Insurance companies generate rates for liability insurance and use a certain set of factors and generate rates for the physical damage insurance for vehicles using a different set of factors. That being said below is a very quick over view on rating.

Liability rates for car insurance are normally based on the following: the age of the driver, martial status, driving record/experience, how far you drive, location of the garaging address and credit history. There are others and credits available but in a nutshell these work. Even though the above factors help determine the physical damage rates on the vehicle, the physical damage coverage is weighted more on the vehicle specifics than the above. Some vehicle factors that effect the physical damage rating include: the year, make, model of the vehicle, features of the vehicle like air bags, anti lock brakes, alarm systems, daytime running lights and cost of the vehicle.

Here are two rating examples of an individual quoting insurance and realizing savings or not.

  • First example;
    Let's say an insured is 20 years old, has been licensed for 2 years and is driving a 2003 Chevrolet Impala is paying roughly $1,800 a year for liability only coverage. The insured decides to try and save 15% in 15 minutes, which would be a savings of $225. When the insured obtains quotes, some of the rating information the old policy was based on actually has changed. He/she has actually now has been licensed for 3 years vs. 2 and is now 21 years old vs. 20. The insured probably doesn't even realize the old policy was based on these old factors. Based on these new factors, there are big discounts the insured is eligible for and he/she saves more than 15%. However he/she is comparing apples and oranges. Because the baseline information has changed and the premium is higher to begin with, it's easier to achieve this high percentage savings. In this scenario the answer is probably a YES you can save 15% or more.

  • Second example;
    Let's take for example a 40-year-old married couple, with two cars a 2009 Chevy Impala and a 2007 Chevrolet Silverado, no kids of driving age. The insured is currently insured with a preferred auto company paying a premium of $945 a year with full coverage. This is a very competitive price with adequate coverage limits. When the insured checks pricing with other companies, no rating information has changed and they find it's hard to bead their current price. It's not likely they will be able to save anything and definitely not 15% or $146 without changes to their policy. In this scenario, the answer is probably; NO you can't save 15% or more. Maybe there will be a savings, but most likely not 15%. Now don't sacrifice coverage to save money because now you're back into comparing apples and oranges.

Every individual's situation is completely different and the facts will determine the savings. One thing to remember when getting quotes... try to quote apples to apples coverage as well as keeping the rating information the same for each quote. It doesn't do you any good to quote a new policy with different information or to lower coverage to try and save money. The policy will no doubt be a cheaper price but also a "cheaper" policy.

Begin your Car Insurance quote. See if you can save 15%!