Auto insurance rates continue to drive up the consumer price index, and consumers have noticed the pinch. More than half (57%) of the policyholders who responded to a new CarInsurance.com drivers’ survey said their carrier had increased their auto insurance rates in the past 12 months, with almost a third – 32% – saying their rates rose 10% or more.
In the spring of 2023, CarInsurance.com, a one-stop online destination for car insurance information, surveyed 2,300 drivers nationwide to determine their attitudes about car insurance, inflation, driving habits and more.
Many survey respondents (43%) blamed inflation for the rising rates and half (49%) indicated they shopped around and bought insurance from another carrier in the past 12 months. Of those who switched, 31% moved to Allstate, 22% to Progressive, 19% to Geico, 17% to State Farm and 12% to USAA.
“If rates have increased for a particular carrier, it’s important to shop around and get at least three auto insurance quotes,” says Laura Longero, executive editor for CarInsurance.com. “In our survey, we found that 49% of drivers had shopped around for another insurance company in the past 12 months. Shopping around continues to be the best way to save money on car insurance.”
Longero is available to discuss inflation and the 2023 drivers survey.
CarInsurance.com is owned and operated by QuinStreet, Inc. (Nasdaq: QNST), a pioneer in delivering online marketplace solutions to match searchers with brands in digital media. QuinStreet is committed to providing consumers and businesses with the information and tools they need to research, find and select the products and brands that meet their needs. CarInsurance.com is a member of the company’s expert research and publishing division.
CarInsurance.com is a one-stop online destination for car insurance information, providing unbiased, expert advice on how to shop for insurance plans, what consumers should pay and what coverage they can get from a policy. Since 2003, CarInsurance.com has been educating consumers through its breadth of expert content, tools, and in-depth studies to help site visitors make informed decisions about their car insurance.
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