WMT: Walmart Wants to Save You Money on Auto Insurance

by Christopher Freeburn | April 30, 2014 10:26 am

The nation’s largest retailer has partnered with an leading auto insurance website to allow shoppers to compare and purchase auto coverage online[1].

Wal-Mart WMT[2]

Consumers in eight states can now purchase auto insurance through AutoInsurance.com. Walmart’s (WMT[3]) developed the website in collaboration with Tranzutary Insurance Solutions and tested the service in Pennsylvania last year. AutoInsurance.com will be marketed by WMT in Walmart stores and with a link on Walmart’s website, USA TODAY notes.

AutoInsurance.com users can compare and buy policies from major insurance providers, including Travelers (TRV[4]), Progressive (PGR[5]), Safeco and Esurance.  According to WMT, a survey found that customers who purchased coverage through AutoInsurance.com during its test-run last year saved an average of more than $1,100 in annual auto insurance payments. WMT plans to roll out the service nationwide this year.

A Walmart executive indicated that WMT is working with Tranzutary Insurance Solutions on a life insurance service, currently available in Georgia and South Carolina as part of a trial.

The auto insurance service represents yet another step by Walmart to expand its financial service offerings. WMT recently launched its own money-transfer service[6], permitting customers to send money to and from Walmart stores.

WMT stock slipped slightly in Wednesday morning trading.

More Walmart News:

Endnotes:

  1. allow shoppers to compare and purchase auto coverage online: http://www.usatoday.com/story/money/business/2014/04/30/walmart-auto-insurance/8463741/
  2. [Image]: https://investorplace.com/wp-content/uploads/2011/06/walmart-store.jpg
  3. WMT: http://studio-5.financialcontent.com/investplace/quote?Symbol=WMT
  4. TRV: http://studio-5.financialcontent.com/investplace/quote?Symbol=TRV
  5. PGR: http://studio-5.financialcontent.com/investplace/quote?Symbol=PGR
  6. launched its own money-transfer service: https://investorplace.com/2014/04/walmart-takes-western-union-cheaper-money-transfer-service/#.U2EHEF5hOf0
  7. Walmart Announces New Line of Low-Priced Organic Foods: https://investorplace.com/2014/04/walmart-announces-new-line-low-priced-organic-foods/
  8. Walmart Sues Visa for $5B Over Excessive Card Fees: https://investorplace.com/2014/03/walmart-visa-card-fees/
  9. Walmart Rolls Out Online Price Comparison Tool: https://investorplace.com/2014/03/walmart-rolls-online-price-comparison-tool/#.U0_1_V5hOf1

Source URL: https://investorplace.com/2014/04/wmt-walmart-wants-save-money-auto-insurance/

Copyright ©2024 InvestorPlace unless otherwise noted.