$6400 STIMULUS CHECKS 2024 What You Need to Know About Eligibility and Payment Schedule

Auto Insurance Shopping Rises in Response to Soaring Insurance Rates: Report

According to a new analysis from J.D. Power and TransUnion, consumers began browsing for insurance rates and policies in the first quarter of 2024 in pursuit of more economical solutions. The increase in insurance shopping comes after two consecutive quarters of consumers presumably accepting that there were no reductions to be gained.

Shopping rates rose from 11.7% to 12.1% in January, then to 12.5% in February. Shopping rates increased 13.5% in March, with Southern consumers shopping for new rates at a faster rate than anywhere else in the United States. The changeover rate increased to 3.9%, from 3.6% at the end of 2023.

Consumers stated that their motivation for shopping was the cost of their insurance. Nearly 22% stated they shopped because the rate was too high, up from 16.9% in the previous quarter. Furthermore, 14.6% looked for a new insurer because their rates had recently risen, compared to 7.9% in the previous quarter according to foxbusiness.com

“Both property and auto insurance shopping change dropped at the end of 2023, mostly due to predictable seasonality,” according to the research. “As the sector progresses through 2024, market dynamics are expected to change, and it is possible that shopping will continue to be strong well into 2024.

If you want to save money on your automobile insurance, you might consider changing providers to get a lower monthly rate. Visit Credible to shop around for your personalized premium.

Auto insurance Costs Continue to Grow

Drivers paid an average of $1,841 to insure a car in 2023, 5% higher than the previous year, according to a recent Zebra analysis. That follows a 15% increase between 2022 and 2023. Unfortunately, 2024 is likely to see more of the same.

Where you live has a huge impact on how much you spend for insurance. For example, states more vulnerable to climate-related disasters have seen a higher occurrence of insurance companies withdrawing or writing new policies, leaving purchasers with less options for insurance purchasing.

The manufacture and model of a vehicle have also had a significant impact on auto insurance rates. Drivers of Kia and Hyundai vehicles have had problems insuring them since particular models are frequently stolen.

Florida and Louisiana have the highest annual premiums. Drivers here pay an average annual premium of more than $2,700. That’s 47 percent higher than the national average. Drivers in Vermont and Idaho pay the lowest annual premiums, with rates 35% lower than the national average. Drivers in 19 states now pay an average of more than $2,000 in annual vehicle insurance rates.

Are you browsing around for new car insurance? The Credible marketplace allows you to compare numerous suppliers and obtain your tailored rate in minutes, all without hurting your credit score.

How to Lower Your Auto Insurance

With premiums expected to rise this year, drivers should think about altering their vehicle insurance coverage before renewing an existing policy to receive a cheaper deal.

Here are some pointers if you’re considering switching:

Know What You Want Out of Your Insurance

Make a plan and understand what you want from your coverage. Knowing what you want to improve before switching increases your chances of getting the best rate.

Request Several Quotes

Shopping for the same auto coverage plan and limits from various insurance companies will help you get the best deal. Gather at least three different quotes.

Contact Your Insurance Carrier

Let your existing insurance company know you’re switching; your insurer may be able to match a lower rate. If you have prepaid and want to cancel in the middle of your policy, inquire about a cancellation charge or a refund. Make sure not to cancel your existing insurance before purchasing a new one. Otherwise, you risk losing coverage.

If you’re looking for new auto insurance, utilize the Credible marketplace to compare different providers and obtain your personalized rate in minutes, all without hurting your credit score.


Consumers are increasingly looking for more economical auto insurance solutions, as prices rise to 12.5% by March 2024. High insurance prices and recent rate increases are fueling this trend. Switching providers can help you save money. Visit Credible to compare rates without fuss. With costs projected to climb higher, now is the time to look into alternate insurance choices.

Leave a Reply

Your email address will not be published. Required fields are marked *