Over 1 in 2 drivers feel they’re paying too much for auto insurance

Auto insurance - high cost car coverage

Almost 1 in 3 motorists have recently switched their insurers for cheaper coverage.

The majority of drivers believe they are paying too much for their auto insurance coverage, and a large number of them are aiming to remedy the issue by switching insurers according to a recent Forbes Advisor survey.

The survey involved the participation of 2,000 drivers in the United States who have a car policy.

The Forbes Advisor survey showed that 58 percent of drivers feel they’re overpaying for their auto insurance. A large number of those policyholders took the additional step of obtaining quotes from other car insurers to compare what else is out there. Nearly one third of the survey participants went a step further and changed their insurers.

Among the drivers who said that they felt they were paying premiums that were too high for their car policies, 68 percent also obtained quotes for coverage from other insurers within the last year. Among those who obtained those quotes, 42 percent compared coverage rates within the last six months.

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The survey also showed that men were far more likely to compare their car premiums than women. Eighty-four percent of men compared quotes, whereas 58 percent of women did the same.

Among those who conducted an auto insurance quote comparison, many changed their insurers.

Twenty-nine percent of those who conducted a quote comparison switched to another insurer in 2021 or 2022.

Among those who switched insurers, men were more likely to change than women. Of the survey participants, only 15 percent of men said that they had never changed their insurers before. That said, 26 percent of female drivers participating in the survey had never switched their insurer before.

Furthermore, 35 percent of the men who participated in the survey said that they had switched their insurer since the start of 2021. Comparatively, only 26 percent of the women drivers who participated in the survey had switched their insurer since the start of 2021.

The top reason auto insurance customers switched their insurer was price. Among those who had changed their coverage since 2020, 58 percent said that the reason they did so was so they would be paying less for their policy. The second most popular reason for changing car insurers was to obtain a different type of coverage.

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