According to a poll by data company AnalyticsIQ, the majority of Americans considering dropping their auto insurance providers cited price as the primary motivator.
Fifty percent of respondents who were considering giving up their auto insurance said their policies were too expensive, and 37 percent said they would switch providers if they found a better deal.
Almost all respondents said they had each of the major types of insurance coverage, including liability, collision, health, personal injury and collision damage waiver, as well as uninsured and underinsured, according to the survey.
Of those respondents who did not have these specific types of coverage, 37% said they chose not to have the coverage because it was too expensive.
The average American spent $1,705 on auto insurance in 2022, according to Insurify’s 2022 Auto Insurance Trend Report. This rate is up 4% from 2021 and 17% from 2020.
If you’re interested in saving money on your auto insurance, consider switching to a new auto insurance provider to get a lower monthly rate. You can visit Credible to compare options and find your personalized reward without impacting your credit score.
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Perceptions of auto insurance affordability impact satisfaction ratings
Drivers who found their auto insurance policies “very affordable” reported significantly higher satisfaction scores than those who said they were “far too expensive,” AnalyticsIQ reported.
“Additionally, satisfaction levels predicted the predicted likelihood of switching carriers,” AnalyticsIQ said in its survey report. “As satisfaction decreased, the likelihood of saying ‘yes’ or ‘maybe’ to switch providers increased.”
Across the board, many customers had some issues with their auto insurance policies in 2022. Customer satisfaction with auto insurance prices fell a “significant five points from 2021,” to 769 out of 1,000, according to the JD Power 2022 US Auto Insurance Study. Customer satisfaction with auto insurance providers fell from 835 in year 2021 to 834 in 2022.
If you’re considering switching auto insurance carriers, you can visit Credible to compare multiple options and find your personalized plan in minutes.
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Interest in embedded insurance is growing
Embedded insurance, a form of bundling insurance when purchasing a product like a vehicle, is gaining interest despite its low adoption rate, research from AnalyticsIQ has shown.
Less than 1% of respondents said they had embedded insurance, but more than 87% said they would be interested in learning more about this type of coverage. The main reasons for interest in embedded insurance were lower overall costs and individual coverage. Other reasons were the simplicity and convenience of switching from one’s current policy to an embedded policy.
“Most of all, customers want peace of mind,” AnalyticsIQ said in its survey report. “That security comes from knowing they’re getting personalized coverage (both breadth and depth) at a price that works for their budget, as well as a convenient and accessible resource when the need arises.”
If you’re struggling with rising prices and want to save money on your car insurance, you might consider switching to a new provider to lower your monthly premium. Visit Credible to compare multiple auto insurance providers at once without compromising your credit score.
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