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U.S. Auto Insurance Shopping Breaks Record

With inflation continuing to soar to new heights – making pretty much everything exponentially more expensive than it was just a couple of years ago – we’ve also watched as new vehicles have become far less affordable as well. However, car buyers are also finding themselves staring at massive insurance premiums these days, which has prompted some to shop around for auto insurance before they even purchase a vehicle. As it turns out, that particularly activity isn’t just reserved for those looking to buy a vehicle, either.

According to TransUnion’s latest quarterly Insurance Personal Lines Trends and Perspectives Report, the number of U.S. consumers who shopped for auto insurance in Q1 2024 increased by six percent versus Q1 2023, reaching a five-year high in the process and continuing an upward trend that began in Q4 2023.

In terms of geographical regions, those located in the west and midwest portions of the U.S. were the most active, according to this report, which stems from the most significant rate increase for those areas in the past two years, which was fueled in some cases by lower income levels and inflation that have consumers looking to save money in any way they can. Regardless, the rising cost of living across the entire country is the main factor behind this trend, though TransUnion also noted that 23 percent of consumers surveyed have plans to purchase or lease a vehicle to replace an existing one within the next 12 months – an increase from 17 percent in 2023.

“As insurers see improved profitability, it’s likely that some will cautiously increase investments in customer acquisition. It will be paramount that they maximize those investments by identifying the best audiences, based on their likelihood to purchase as well as their overall risk levels,” said Stothard Deal, Vice President of Strategy Planning for TransUnion’s insurance business.

We’ll have more on auto insurance rates soon, so be sure and subscribe to Ford Authority for continuous Ford news coverage.

Brett's lost track of all the Fords he's owned over the years and how much he's spent modifying them, but his current money pits include an S550 Mustang and 13th gen F-150.

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Comments

  1. Robert jung

    my insurance company is chargeing me 35% more for my f 150 because of aluminan body repair cost

    Reply
  2. hottoddy

    26% of vehicle accidents being turned in for insurance claims are now being totaled due to the costs of repairs. Unaffordable vehicles that can’t be repaired for less the they are appraised at. What did they think would happen ??? They that cost is put back on the insured with higher premiums mostly paid by drivers who never file any claims. SMH …

    Reply

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