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Auto insurance shopping rate hit an all-time high in Q2

Research indicates younger motorists and riskier drivers are becoming increasingly more active insurance shoppers.

“Younger consumers who lost their jobs in 2020 may have subsequently left the auto insurance market altogether, but are now gradually returning as they take on new jobs and now have a need for coverage as their transportation requirements evolve,” said Mark McElroy, of TransUnion. (Credit: Rawpixel.com/Shutterstock.com) “Younger consumers who lost their jobs in 2020 may have subsequently left the auto insurance market altogether, but are now gradually returning as they take on new jobs and now have a need for coverage as their transportation requirements evolve,” said Mark McElroy, of TransUnion. (Credit: Rawpixel.com/Shutterstock.com)

During the second quarter, personal auto insurance shopping hit a record high, according to LexisNexis Risk Solutions, which reported the shopping rate reached 41.5% and is expected to continue its upward trajectory in subsequent quarters. Overall shopping volume grew 1.1% year-on-year (YOY) and new policy growth increase 8% during the period.

Tax returns and another round of COVID-19 stimulus checks, both of which arrived in the March/April period, helped propel auto insurance shopping volume, according to LexisNexis. In April, there was a 32.3% boost in new businesses growth largely driven by uninsured shoppers buying policies.

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Steve Hallo

Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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