Drivers Are Shopping Around for Cheaper Car Insurance as Premiums Soar
By:
Pete Grieve
Pete Grieve
Reporter | Joined May 2024
Has also written:
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As car insurance premiums soar, customers are increasingly shopping around and switching companies in search of better deals.
According to a report released Thursday by J.D. Power, a consumer insights company, auto insurance prices were up 14.5% in the past year as of February — more than double the overall inflation rate in the economy. Insurers are hiking premiums as they deal with rising car repair costs, expensive medical care prices and high numbers of serious accidents.
As a result, when customers are coming up for renewal on their insurance policies, they’re becoming more likely to experience sticker shock — and feel motivated to look for options with other insurers.
