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Study finds discounts underutilized

ALEXANDRIA, Va. — Too many Americans are not utilizing all of the discounts that may be available to them in their homeowner and auto insurance. This is the finding of a new national survey conducted for Trusted Choice and the Independent Insurance Agents & Brokers of America (the Big “I”).

The survey asked home and auto owners if they believed they are taking full advantage of all the discounts they qualified for on their homeowners and auto insurance policies. More than 34 percent of respondents, representing 53 million households, admitted they are probably not taking advantage of all homeowners insurance discounts or said that they simply did not know. Regarding auto coverage, more than 20 percent of car owners either did not know or said they were not maximizing all the car insurance discounts available to them.

Nearly 38 percent of respondents with a household income of less than $25,000 said they were not taking advantage of all possible homeowners discounts or said they did not know.

The survey also found that the largest percentage of respondents, about 26 percent, estimated they save 6 to 10 percent on their insurance premiums by using discounts. In reality, many consumers could be saving significantly more — as much as 30 percent.

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