According to a recent report from J.D. Power, more customers are shopping for auto policies than have been recorded in nearly two years. In March 2023, the 30-day average shopping rate was 13.1% – the highest shopping rate since June 2021. The rate of those who switched actually auto insurers in March was 4.1%, which is up from the full-year 2021 average of 3.4%. The biggest factor driving more folks to shop for auto insurance is cost, and auto premiums rose more 14.5% in February 2023, which is more than double the 6% rate of inflation. Among those surveyed for the J.D. Power report who said premium costs were what led them to check out their policy options, 42% said they were driven to shop by a rate increase. Of those drivers, 41% reported their auto rate had increased by at least 20%. Those with certain vehicle models are also more likely to inquire about auto policies, says a report from ValuePenguin, with the top shoppers including those with a Nissan Altima 2.5, Toyota Camry LE, Nissan Rogue S, Honda Accord EX or Ford F-150 SuperCrew. In the slideshow above, we'll look at which states are seeing the most drivers shop for auto policies, according to ValuePenguin.
Related:
|Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
