Even with increasing premiums, the number of consumers who actually switched auto insurers fell in Q4, as well. Photo: MasterSergeant/Adobe Stock
The quarterly auto policy shopping rate fell from 12.3% in Q3 2023 to an even 12% in Q4 2023, according to the latest J.D. Power Quarterly Shopping LIST Report. Auto policy shopping saw its first dip in a year in Q3 2023 — though shopping remained higher in this quarter than it was in Q3 2022.
The continued decrease in shopping in Q4 may indicate that consumers are beginning to come to terms with higher rates, and opting to stay with their current insurer than compare quotes. Even with increasing premiums, the number of consumers who actually switched auto insurers fell in Q4, as well.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
