An Auto Insurance Affordability Survey from PolicyGenius, an insurance comparison and consumer advice platform, reports that 43% of insured drivers in the US are paying more for their auto insurance now than they did last year.
And with inflation on the rise, 40% of those surveyed say they are stressed about being able to afford car insurance, which is a requirement for drivers in most states, a widespread concern. what they feel.
This has a strong impact on Millennials and Gen Z, where 55% of drivers between the ages of 18 and 34 say they are trying to pay for auto insurance and 24% say they are “very stressed”.
The report notes that 45% of insured drivers aged 18-34 are so affected they say they’ve considered driving without auto insurance in the past year because of the cost, and 17% have done.
According to the survey, the youngest drivers (ages 18-34) were most likely to change or consider switching auto insurance companies because of high costs:
36% said they thought about changing auto insurance companies in the last year because of high rates but haven’t yet switched, while 25% said they changed companies in the past 12 months because their insurance car It was very expensive.
“Our survey found that people are changing their behavior and sometimes even taking on a much greater financial risk by driving without insurance,” said Andrew Hurst, licensed property and casualty insurance specialist with PolicyGenius.
“Car insurance is getting expensive for most people, but there are ways you can make your insurance more affordable. Rebuying before it comes time to renew your insurance is the best way to make sure you get the right coverage. Getting the right coverage at a price, but you can also check to see if there are any discounts you qualify for and adjust your coverage based on age and the value of your car.