Bargain hunting for car insurance can save consumers $54 per minute, according to a new survey from Insurance.com.
On a savings-per-minute basis, hunting for a bargain on car insurance outranks cellphone plans ($1.86), cable TV ($1.72) and new-car deals ($1.29), the car insurance comparison-shopping website found.
Ease of shopping is a major factor in consumer willingness to bargain hunt: 54 percent of those surveyed chose not to comparison shop because of the hassle of visiting multiple stores or websites, while 40 percent said the time commitment was too big.
Respondents were most likely to invest time shopping for items easily comparable online, such as airfare, laptop computers and car insurance.
Here is a breakdown of how much time, on average, consumers would spend seeking a better price on various items:
- Airfare: 68 minutes
- Laptop computer: 68 minutes
- Auto insurance: 63 minutes
- Hotel rooms: 53 minutes
- Rental car: 48 minutes
- Clothing: 41 minutes
- Children’s toys: 36 minutes
- Prescription drugs: 34 minutes
- Groceries: 33 minutes
- Pet food: 26 minutes
- Beer or alcohol: 17 minutes
- Cigarettes: 16 minutes
Insurance.com surveyed 2,000 women and men over age 25, all licensed drivers, asking them about time spent on common purchases and how big the resulting savings were.