When was the last time you shopped for auto insurance? There's a good chance you're overpaying.
Insurance experts typically recommend shopping for a new policy every year or so—and maybe more frequently if you see a big rate jump when it's up for renewal. But few people do.
A 2012 Deloitte survey found that 24 percent of people "never" shop for insurance alternatives, and another 34 percent "rarely" do. Only 18 percent shop their policy annually.
"We have a combination of fear and boredom," said J. Robert Hunter, director of insurance for the Consumer Federation of America. Shoppers recognize the importance of shopping around, but it can be a daunting task.
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That inertia is expensive, however. Prices can vary by more than 100 percent from one company to the next, said Hunter. Savings can run several hundred dollars—or more. A CFA study released Monday found that in 9 percent of 1,377 lower-income ZIP codes studied, the average premium quoted for the minimum, state-required coverage was $2,000 or more. But in 14 percent of zip codes, at least one insurer quoted a price above $3,000.
The average policyholder is overpaying by $368 a year, according to a 2013 NerdWallet.com study. (See chart below for some of the most and least expensive metro areas, by average insurance rate.)
Most and least expensive cities for car insurance
| Metro area | Compared to $797 national average |
|---|---|
| Detroit-Warren-Ann Arbor, MI | 165% higher |
| New York-Newark, NY-NJ-CT-PA | 36% higher |
| Miami-Fort Lauderdale-Port St. Lucie, FL | 34% higher |
| Los Angeles-Long Beach, CA | 25% higher |
| Atlanta-Athens, GA | 17% higher |
| Chicago-Naperville, IL-IN-WI | 16% lower |
| St. Louis-St. Charles-Farmington, MO-IL | 18% lower |
| Pittsburgh-New Castle-Weirton, Pa-OH-WV | 24% lower |
| Cleveland-Akron-Canton, OH | 31% lower |
| Charlotte-Concord, NC-SC | 43% lower |
Source: SOURCE: InsuranceQuotes.com.
To make shopping around easier, start by visiting the web site of your state insurance commissioner. They often have consumer guides to finding a good policy, as well details on typical pricing and complaints for individual insurers, said Hunter. That can help you narrow a search down to three well-reviewed companies with good rates, to follow up with for a more detailed quote.
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Be sure to let your current insurer know you're shopping around, too. "They may have options to put you into lower prices," he said.
—By CNBC's Kelli B. Grant