Due to exorbitant premiums, over 20% of American drivers purchased less insurance in 2023 than they intended to. Here’s how that could be prevented.
Exorbitant :Premiums Over 20% New American Drivers
It’s no secret that the cost of auto insurance has increased dramatically in recent years. In response, a lot of drivers attempt to buy less coverage in an effort to reduce their insurance costs.
In 2023, over one in five (22%) American drivers purchased less insurance than they intended, according to a new report released by Jerry.
It is possible that your premiums will decrease if you choose less coverage. You’ll run a higher risk of a financial catastrophe, though. CNBC Select explains the report’s conclusions and provides suggestions on how to cut costs without sacrificing the coverage you require.
Fewer coverage than desired is being purchased by drivers
The survey states that 22% of American drivers purchased less insurance than they had intended to buy the previous year. The younger generation was particularly affected by this trend.
In particular, 39% of Gen Z drivers and 32% of millennials said that the high cost of insurance prevented them from getting as much coverage as they would have liked.
Getting quotes from several companies is the best way to find a good deal on auto insurance. Only 38% of survey participants, according to the report, compared quotes for auto insurance.
In addition, Jerry customer data indicates that 60% of consumers who compare prices on insurance end up saving money.
According to CNCB Select, Geico offers the best overall value in auto insurance. We discovered that the business has the best customer satisfaction ratings and the lowest average rates; additionally, Geico advertises 16 discounts.
How to compare auto insurance quotes
- You might not know how to shop for auto insurance if you have never done so before. Fortunately, the procedure is quite easy to follow and typically entails the following steps:
- Obtain the necessary paperwork and information, such as your driver’s license and the VIN, mileage, make, model, and year of your vehicle. To get quotes for auto insurance, you’ll need these.
- Obtain quotes for the type of coverage you desire from multiple providers. Try to get quotes from three or four reliable businesses at the very least.
- Examine the quotes side by side. Be mindful of the coverage types that are offered, the policy’s deductibles and limits, and the premium costs.
You can now select the policy that best suits your needs and is reasonably priced. Recall that you have the option to change your auto insurance at any time, so don’t be afraid to do so if doing so will result in cheaper rates and better coverage.
In summary
To save money, it could be tempting to purchase less coverage than you believe you need. However, since it leaves you financially exposed, this course of action might be dangerous.
Compare prices from several insurance companies when shopping for auto insurance to ensure you get the coverage you require at a fair price.
Why should I believe CNBC Select?
Our goal at CNBC Select is to empower our readers to make wise financial decisions by offering them thorough consumer advice and excellent service journalism. Each individual
This finance article is the result of thorough reporting by our group of knowledgeable writers and editors who have a wealth of experience with financial products.
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