Although policyholders were feeling the pressure from growing premiums, fewer than 40% of survey respondents said they shopped around for lower rates during the past year. Credit: MasterSergeant/Adobe Stock
Nearly three-quarters of Americans say personal auto insurance is becoming unaffordable for the average person or family, according to a survey from car app provider Jerry, which reported car insurance rates hit a four-decade high in October 2023. Insurance premiums were up 19% during the year, on average.
As a result of the dramatic increases, 22% of U.S. drivers bought less coverage than they wanted as a way to save money during 2023. Nearly 40% of Gen Z drivers and 32% of millennials said they purchased less coverage than they wanted last year, Jerry reported, while less than 20% of Gen X and boomers said the same.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
