Why Everyone Is Shopping Around for Cheaper Car Insurance
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High numbers of drivers are shopping for different car insurance, for good reason: Many insurers have aggressively raised prices, so there may be better deals out there.
Car insurance premiums are soaring due to the rise in vehicle prices and repair costs, alongside an increase in severe claims, often caused by dangerous driving behavior.
Executives at Allstate, for example, said in a recent earnings call that the brand increased rates by 16.4% in 2023 following a 16.9% increase in 2022. In 2024, they’re hoping to secure additional rate increases in 10 states where the company says its prices aren’t adequate.
As car insurance prices rose in 2023, a new report from LexisNexis found there was a surge in shopping activity. "Overall, shopping and new business volumes exploded in the first months of the year," and activity increased again significantly in the fourth quarter, the report stated. It's evidence that drivers are “not resigned to higher rates” and will search for cheaper options, according to the report.
