By region, shopping rates increased in the Northeast and Midwest, decreased in the West and remained steady in the South in Q2. Photo: Adobe Stock
Rate adequacy continued to challenge auto insurers in the second quarter of 2023, according to J.D. Power's Q2 2023 U.S. Auto Insurance Shopping LIST Report. As rates continue to increase in order to keep up with costs, more and more drivers are exploring their coverage options in an attempt to find more affordable premiums.
Rising insurance costs are even pushing some to allow their coverage to lapse. According to a recent survey from TransUnion, almost 15% of drivers admitted to owning or using a car without valid insurance at some point in the previous six months. Around 30% of those who had driven without coverage cited the inability to pay premiums as their main reason for doing it.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
