If We All Shopped for Auto Insurance Like We Shop for Underwear, We'd Be on Our Way to Solving Our Money Problems Progressive Study Finds People Will Spend More Time to Save A Few Dollars on Underwear than $500 on Auto Insurance PROGRESSIVE LOGO Progressive logo. (PRNewsFoto)[PM] CLEVELAND, OH USA 06/29/2000

18 September 2000

    MAYFIELD VILLAGE, Ohio, Sept. 18 You're the type of person
who lists "clipping coupons" as a hobby on your resume.  You refuse to call
your mother until the rates go down on Sunday.  When you hear a blue light
special, your knees get weak.  Well, while you bargain hunters were out saving
10 cents here and a dollar there, you could have been saving hundreds of
dollars on auto insurance ... just by shopping around.
    Progressive Auto Insurance conducted an online survey to see just how
extreme bargain hunters are when it comes to the amount of time people will
devote to saving money. And the results were startling: while 46 percent of
people reported that they never shop for auto insurance to save money, 40
percent of Americans would spend up to two hours shopping to save 50 percent
on underwear.  In addition, 55 percent of consumers said they would open their
windows rather than turn on the air conditioner on a hot day to save a buck or
two, and a whopping 79 percent of respondents said they use the phone book
over directory assistance to save money.
    We all know that people are pressed for time, but spending more time
shopping for underwear than auto insurance?
    The online survey was conducted to coincide with the company's study of
premium variance, which uncovers the average difference between the highest
and lowest premium available to consumers for the identical policy offered
from different companies.  The findings: the cost for an identical auto
insurance policy varies from company to company an average of $515 every six
months.
    To obtain the premium variance, Progressive studied auto insurance rates
from four leading auto insurance companies provided to 89,994 consumers
between January 1 and June 30, 2000.
    Dave Pratt, consumer marketing director, Progressive, said:  "Most people
don't shop around for auto insurance, yet auto insurance companies use
different methods for determining rates, leading to differences -- sometimes
huge -- in what companies charge for the identical policy.  Our online survey
was designed to see just how hard people will work to save money.  We've found
people will go to some unusual lengths to save money, yet they will not look
into what could be a substantial amount of savings on auto insurance."
    By calling 1-800-AUTO-PRO(R) or logging onto progressive.com, consumers
can compare auto insurance rates available for up to four of the largest auto
insurers in the country.
    "If you can spare a few minutes to compare rates -- by phone or online --
it's quite likely you'll find a company with a lower price and perhaps better
service," continued Dave Pratt.  "Especially with the Internet, you can shop
easily at your own convenience and save money.  Unfortunately far too few
consumers take advantage of this."
    Progressive Insurance , headquartered in Mayfield Village,
Ohio, is one of the nation's largest auto insurers.  In business since 1937,
the company provides all drivers with competitive rates and 24-hour, in-person
services. The company sells its products over the phone at 1-800-AUTO-PRO, on
the Internet at progressive.com and through more than 30,000 independent
agents throughout the U.S. More information about Progressive can be found at
progressive.com.
    http://www.progressive.com

                               Did You Know ...

              According to a Nationwide Survey of 342 Consumers
                      by Progressive Auto Insurance ...
         (online survey conducted from June 20 through July 7, 2000)

    But You Lose Your Money On Deodorant
    Fifty-five percent of consumers will open windows instead of using air
    conditioning on a hot day to save money.

    See Ya Later Operator
    79 percent of Americans said they use the phone book over directory
    assistance to save money.

    Long Time Shopping For Briefs
    A shocking 40 percent of respondents said that they would shop for up to
    two hours if they could save 50 percent on underwear.  Interestingly,
    married consumers were twice as likely than single consumers to spend up
    to two to three hours shopping to save 50 percent on underwear.

    Frivolous $500
    When asked 'If you could save more than $500 on a purchase, what would you
    do with the savings' women were nearly twice as likely than men to spend
    it frivolously.

    Insurance Avoidance
    Forty-six percent of respondents said they have never shopped around for
    auto insurance and have simply kept the same insurer year after year.  And
    when asked how much time you would spend shopping for auto insurance, 36
    percent said they would spend less than one hour.

    How Long Does It Take To Find A Sports Coat?
    Men (39 percent) were more likely than women (26 percent) to spend up to
    two hours shopping for an outfit for a special occasion.

    Feminine Wiles
    Women were twice as likely than men to visit between four and five
    dealerships when shopping for a new car.

    And They'll Also Spend More Time Watching It
    Men were three times more likely than women to spend more than 4 hours
    shopping for a new television set.

    Bargain Hunting is a Man's World
    When asked 'If you could save $500 on a gift for a spouse, how much time
    would you shop?' -- men were twice as likely than women to shop for up to
    two hours.  Men were also twice as likely than women to spend more than a
    week shopping for furniture when they knew they could save a significant
    amount of money.