Price is the main reason why consumers want to opt out of car insurance providers

Many Americans who considered giving up their car insurance said they were motivated by price. (iStock)

Majority of Americans considering ditching their auto insurance providers cite price as top motivator, according to survey by data company AnalyticsIQ.

Fifty percent of respondents who are considering ditching their auto insurers report that their policies are too expensive, and 37 percent say they would switch carriers if they found a better deal.

Almost all respondents said they had each of the major types of policy coverage, including liability, collision, medical payments, personal injury and comprehensive, as well as uninsured and underinsured, the survey said.

Among respondents who did not have these particular types of coverage, 37 percent said they had given up coverage because it was too expensive.

The average American spent $1,705 on auto insurance in 2022, according to Insurify’s 2022 Auto Insurance Trends Report. This rate is up 4% from 2021 and 17% from 2020.

If you want to save money on your car insurance, consider switching to a new car insurance provider to get a lower monthly rate. You can visit Credible to compare options and find your custom premiumwithout affecting your credit score.

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Perceptions of affordability of auto insurance affect satisfaction ratings

Drivers who find their auto insurance policies “very affordable” report significantly higher satisfaction ratings than those who say it’s “too expensive,” AnalyticsIQ reports.

“Furthermore, satisfaction level predicts the predicted likelihood of switching insurance carriers,” AnalyticsIQ said in its survey report. “As satisfaction scores decreased, the likelihood of saying ‘yes’ or ‘maybe’ to switching carriers increased.”

Many customers across the board have had problems with their car insurance policies in 2022. Customer satisfaction with car insurance prices has fallen by a “significant five points since 2021” to 769 out of 1,000, according to JD Power US Auto Insurance Study 2022. Customer satisfaction with car insurance providers fell to 834 in 2022 from 835 in 2021.

If you are considering switching car insurance companies, you can visit Credible to compare multiple options and find your personalized rate in minutes.

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Interest in embedded insurance is growing

Built-in insurance, a form of bundled insurance with the purchase of a product such as a vehicle, is gaining interest despite its low adoption rate, AnalyticsIQ research has shown.

Less than 1% of those surveyed said they had built-in insurance, but more than 87% said they would be interested in learning more about this type of coverage. The main reasons people expressed interest in inline insurance were lower overall costs and customized coverage. Other reasons include the ease and convenience of transferring from the current policy to a built-in policy.

“Customers want peace of mind above all else,” AnalyticsIQ said in its survey report. “That peace of mind comes from the confidence of knowing they’re getting customized coverage (both breadth and depth) at a price that works for their budget, as well as a convenient and accessible resource when the need arises.”

If you’re struggling with rising prices and want to save money on your car insurance, you can consider switching to a new provider to lower your monthly premium. Visit Credible to compare multiple car insurance providers all at once without affecting your credit score.

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