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According to a recent report from J.D. Power, more customers are shopping for auto policies than have been recorded in nearly two years. In March 2023, the 30-day average shopping rate was 13.1% – the highest shopping rate since June 2021. The rate of those who switched actually auto insurers in March was 4.1%, which is up from the full-year 2021 average of 3.4%.
The biggest factor driving more folks to shop for auto insurance is cost, and auto premiums rose more 14.5% in February 2023, which is more than double the 6% rate of inflation. Among those surveyed for the J.D. Power report who said premium costs were what led them to check out their policy options, 42% said they were driven to shop by a rate increase. Of those drivers, 41% reported their auto rate had increased by at least 20%.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
