Walmart (NYSE: WMT) will now offer auto insurance in its latest move to provide affordable financial services to shoppers.
The company announced Wednesday that it has partnered with AutoInsurance.com, a price-comparison and shopping website, to offer competing quotes from several car insurance providers via the Walmart website and inside some Walmart stores. The website will also allow shoppers to import their current auto-insurance policy to receive a like comparison to other products.
The service is available in eight states starting Wednesday, and Walmart expects to eventually roll out the program nationwide. Shoppers have the option to view quotes from national companies like Progressive, Esurance, Safeco and The General through the service.
"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," said Daniel Eckert, SVP of services for Walmart U.S. "With AutoInsurance.com, we're helping our customers save money on one of their largest household expenses in a new, quick and easy way."
Walmart is the exclusive retail partner to promote the AutoInsurance.com website. A Walmart and AutoInsurance.com pilot program took place in the Pennsylvania market from April 2013 to March 2014.
To promote the new partnership in-stores, displays will be placed in store entrances and in store aisles. Walmart will receive monthly payments for each store where the service is promoted. AutoInsurance.com receives a commission for every policy that is sold.
The announcement comes nearly two weeks after Walmart rolled out a new, affordable money-transfer service that will allow shoppers to send and receive up to $900 at a time at more than 4,000 U.S. stores. The service comes with two pricing tiers and charges less than $10, while competitors can charge up to $75 to transfer the same amount, Walmart said.
-See this Walmart press release
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