A person holds a credit card in their hand as they type on their laptop. According to LexisNexis, shopping has increased in states where there have been recent rate increases. (Credit: Vadim PastuhAdobe Stock)

After dropping 2% in Q2 2022, auto insurance shopping in the U.S. was up 1.2% in Q3 2022, reported the latest LexisNexis Risk Solutions Insurance Demand Meter. This is the first quarter-over-quarter growth auto insurance shopping trends have seen since Q2 2021. New policy growth also saw an increase of 3.9% in Q3 – a significant jump from the -7.1% reported in Q2 2022.

According to LexisNexis, shopping has increased in states where there have been recent rate increases. Drivers who decide to shop around for a new policy are also perusing more carriers than in previous quarters, which can be partially attributed to more insureds choosing to utilize independent agents who help them shop multiple carriers at once. These independent channels have seen the largest volume growth in recent quarters, compared to direct and exclusive distributors.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

Brittney Meredith-Miller

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

More from this author

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2023 ALM Global, LLC. All Rights Reserved.