Over 90% of Americans Who Switched Auto Insurance Companies Saved but Many Still Don't Shop Around for Additional Quotes According to a ValuePenguin.com Survey

PR Newswire

Of those policyholders who recently switched to a new auto insurer, 26% saved $200 or more.

NEW YORK, April 19, 2022 /PRNewswire/ -- With inflation on the rise and gas prices skyrocketing, Americans are looking for ways to cut back on certain expenses including auto insurance.

According to a recent survey by ValuePenguin, 92% of Americans who switched auto insurance companies saved when doing so. However, 65% of policyholders don't shop around when it's time to renew costing them potential savings.

View full report: https://www.valuepenguin.com/auto-insurance-shopping-survey

Key findings:

92% of auto insurance policyholders who switched companies during their most recent renewal period saved money. This impact was limited, however, as 65% of policyholders didn't seek additional quotes during their renewal period.
Consumers who generally don't seek additional quotes might benefit from reconsidering their stance. 39% of consumers who didn't switch auto insurance companies say theirs offers the best rates. But more than a quarter (26%) of those who recently switched to a new auto insurer saved $200 or more annually, which means those who don't shop around may not have the full picture when they renew.
Whether they shopped around, nearly 40% of auto insurance policyholders saw their rates increase during their most recent renewal period. According to ValuePenguin's "State of Auto Insurance," rates were expected to increase by an average of 0.6% across the U.S. in 2022.
To combat this, nearly 30% of those whose auto insurance rates went up decreased their coverage to save money. While dropping comprehensive insurance lowers your premiums, a March 2022 ValuePenguin survey found that many consumers mistakenly think they'd be covered for car theft or theft-related damage.

About ValuePenguin.com: ValuePenguin.com, part of LendingTree, is a personal finance website that conducts in-depth research and provides objective analysis to help guide consumers to the best financial decisions. ValuePenguin focuses on value, assessing whether the return of a particular decision is worth the cost or risk of that option, and how this stacks up with the other possible choices they may have. For more information, please visit www.valuepenguin.com, like our Facebook page, or follow us on Twitter @ValuePenguin.

Media Contact:
Nadia Gonzalez
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