Retail giant Wal-Mart is expanding its reach into the financial services arena by offering auto insurance.
In an alliance with AutoInsurance.com, the Bentonville, Ark.-based company said consumers will be able to compare policy prices of several insurance companies. Amongthe carriers participating on the website are Travelers, Progressive and Esurance, a division of Allstate.
Customers who log on to Wal-Mart's website will be able to access the AutoInsurance.com site, according to the company. They can choose to purchase the policy online immediately, speak with a licensed agent or save their information and make the purchase later. Wal-Mart said there is no cost or commitment to use the service.
Wal-Mart will collect a monthly free for promoting the AutoInsurance.com website in its stores. AutoInsurance will collect commissions when insurance is bought on the site.
The launch of the new service stems from a pilot that took place in Pennsylvania in 2013, in which customers who purchased policies from AutoInsurance.com reported their savings reduced their annual insurance costs by $1,168 on average, Wal-Mart said.
AutoInsurance.com will be available in Arkansas, Louisiana, Oklahoma, Missouri, Mississippi, Pennsylvania, Tennessee and Texas with plans to expand the website to the rest of the country over the next few months, according to Wal-Mart.
"Our business is driven by a commitment to taking products and services that are complex and pricey and making them easy and affordable," said Daniel Eckert, senior vice president of services for Wal-Mart U.S., in a statement.
He added, "Our customers too often have to settle for auto insurance policies that aren't the best fit and cost more than they want to spend. With AutoInsurance.com, we're helping our customers save money on one of their largest household expenses in a new, quick and easy way."
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