More consumers are shopping for new insurance rates because they can’t afford their current policy. (iStock)
Consumers picked up insurance rate policy shopping in the first quarter of 2024 as they searched for more affordable options, according to a new report from J.D. Power and TransUnion.
The uptick in insurance shopping follows two continuous quarters of consumers seemingly accepting there were no discounts to be had. In January, shopping rates increased to 12.1% from 11.7% and increased again to 12.5% in February. Shopping rates jumped up 13.5% in March, with consumers in the South shopping for new rates at a greater pace than anywhere else in the U.S. The switch rate rose to 3.9%, up from 3.6% at the end of 2023.
Consumers said their reason for shopping was because of the cost of their insurance. Nearly 22% said they shopped because of a rate that was too high,…
