Inflation has driven up auto insurance costs by around 20 percent since last year, adding further strain to consumers already feeling the pinch. In response, Experian has introduced a new feature in its Insurance Marketplace that aims to ease the burden by automating the search for better rates. The Ongoing Rate Monitoring feature continuously tracks auto insurance rates, alerting users whenever a more competitive deal becomes available, eliminating the need for consumers to manually compare prices.
Rakesh Patel, Executive Vice President of Experian Insurance Marketplace, explained, “We understand that shopping for auto insurance can be a hassle, especially with inflation impacting everyone’s finances. Our solution not only saves time but also money, by monitoring rates and ensuring consumers are always getting the best possible deal, both now and in the future.”
To benefit from these services, consumers need only enrol in a free Experian membership. The Experian Insurance Marketplace then provides real-time, personalised quotes from over 40 leading insurance providers. According to Experian, this could potentially save consumers more than $800 on their current policies. Furthermore, the Ongoing Rate Monitoring feature will continue to keep an eye on rates, alerting members whenever a better option arises. For those looking to switch providers, Experian also offers assistance in cancelling existing policies.
Patel added, “Given the current economic climate, it’s more important than ever to evaluate your insurance rates regularly, especially at renewal time. Our platform simplifies this process, allowing consumers to manage everything from comparison to switching providers all within their Experian account.”
In addition to auto insurance, Experian offers the option to bundle home insurance, providing a comprehensive solution to manage multiple policies in one place. Licensed across all 50 states and Washington D.C., Experian’s services are accessible nationwide, offering consumers a straightforward way to stop overpaying for auto insurance.
Experian continues to uphold its mission of delivering “Financial Power to All™” by helping consumers reach their financial goals. Whether it’s building good credit, accessing personalised financial products, managing debt, or protecting against identity theft, Experian’s tools are designed to save consumers time and money at every stage of their financial journey. For more information on purchasing auto insurance, consumers can visit the Ask Experian blog.
