Wal-Mart, America’s favorite shopping place where discounts reign supreme and consumer’s can purchase anything from live fishing bait to rifles, is now in the auto insurance biz, well sort of. The ginormous retailer has reportedly partnered with Autoinsurance.com, not to sell coverage but to offer their customers, competitive auto insurance quotes by visiting their website, Walmart.com, or by going to autoinsurance.com directly to find competitive offerings.
The service is already set to rollout nationally within the next few months but is now only available in eight states for a trial run--Arkansas, Louisiana, Mississippi, Missouri, Oklahoma, Pennsylvania, Tennessee and Texas.
The retailer’s latest venture marks its quest to become a one-stop shopping destination, in order to lure more shoppers to its stores. Its latest flirtation with retail domination works in this way: consumers can visit Wal-Mart's site that will take them to Autoinsurance.com, they should provide their name, address, date of birth and contact information. They can also have Autoinsurance.com retrieve their current auto insurance policy, which then allows the site to automatically populate the necessary coverage information for a more precise cost-savings comparison.
The free and fast service offers customers multiple quotes from some leading insurers like Esurance, Safeco, and Progressive. The consumer receives the slew of auto insurance offerings all within just a few minutes and they can buy, chat with a licensed insurance rep, or save the info and revisit it at a later time.
According to Wal-Mart, the service is a true money-saver. Reportedly, there was a pilot program that took place last year whereas consumers, who purchased policies from Autoinsurance.com saved an average of about $1,168 per year. Walmart will reportedly, receive monthly fees for marketing the service in its stores and will also promote it via its own site. Autoinsurance.com agents are also available to provide advice or assist consumers through the buying process. As of now, the two companies plan to only work with auto insurance and no other lines.