Americans shopping for auto insurance to save money, TransUnion report

on Nov 20, 2022 02:26:PM

Shopping for auto insurance slowed this year, but many Americans continue to look for new insurance in order to save money, rather than being prompted due to a new car purchase, according to new reports. The auto insurance shopping rate dropped to 11.7% in the third quarter of 2022, down from 11.8% in the previous quarter, according to the Quarterly Auto Insurance LIST Report by J.D. Power in collaboration with TransUnion. And auto insurance shopping decreased 3% annually in the second quarter of 2022, according to the Personal Lines Insurance Trends and Perspectives Report by TransUnion.  "While auto insurance shopping is down overall, the percentage of shoppers seeking new auto insurance, but aren’t looking to buy a vehicle as well, has increased," the TransUnion report stated. "In other words, a higher percentage of shoppers are doing so driven by price or some other factor unrelated to a change in the car they drive." If you’re shopping for auto or home insurance, consider an online marketplace like Credible where you can compare different insurance companies. Visit Credible to find the best car insurance rate for you. Read more