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.

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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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