A red toy car sits atop a paper with the text "Car Insurance Policy" at the top and someone's hands rest over the paper, as if to sign it. The younger the generation, the more UBI options matter to consumers, says J.D. Power’s report. (Credit: NATHAPHAT NAMPIX/Adobe Stock)

Young drivers are shopping for policies at a higher rate than older generations, says the Q1 2022 Shopping LIST Report from J.D. Power. As shopping for insurance has naturally declined amongst older generations, Millennials now representing the largest percentage of shoppers (35%). Not everyone is checking out new carriers for the same reasons, however, and while the LIST Report shows rates are the leading reason for shopping, usage-based insurance (UBI) and the purchase of new vehicles are also driving these trends.

The younger the generation, the more UBI options matter to consumers, says J.D. Power’s report. While only 2.6% of Boomers and 3.6% of Gen X cited UBI as a reason for carrier shopping, Millennials cited it as their reason 5.5% of the time and 7.5% of those in Gen Z said the same.

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Brittney Meredith-Miller

Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].

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