The first half of the year saw average auto insurance premiums increase double-digitals across the country, according to Insurify, as insurance companies continued contending with record-breaking losses, inflationary pressures and growing repair costs.
Recent research from J.D. Power shows that the growing cost of auto insurance is already causing some drivers to drop coverage altogether. This rate of growth is also driving a record number of policyholders to shop around for coverage.
Additionally, Insurify found that 51% fewer U.S. drivers are currently seeking full-coverage auto insurance, while 86% are seeking liability-only coverage.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
