Nearly one-third of insurance consumers made changes to their auto insurance policy between March and May 2020 to manage costs at the start of the pandemic. Now, one year later, quoting activity has leveled off as auto insurance shopping patterns return to pre-COVID levels, according to new J.D. Power data.
While consumers' quarterly switch rate remained steady at 3.3% in first-quarter 2021, the quarterly quote rate dropped by 11.4% from the prior quarter, says the Quarterly Shopping List report, which J.D. Power produced in collaboration with TransUnion.
This drop in activity is not entirely shocking as the economy starts to rebound from the pandemic. At the height of the health crisis last year, about half of auto insurance consumers took action to help manage insurance costs, such as increased shopping, reducing coverages, switching to a new carrier or canceling a policy.
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