37 percent of American survey respondents say they spent more over the last 12 months.
The results of a survey of policyholders in the United States are making insurance news as they have revealed that Americans believe they have spent more for their coverage over the last year.
The majority feel that the reason for this increase in spending is due to higher premiums.
Among the participants in this Princeton Survey Research Associates International insurance news making study, 37 percent claimed that they had spent a larger amount last year for the same amount of coverage that they had held the year before at a lower expense.
At the same time, the insurance news wasn’t as unpleasant for other respondents in the survey.
For instance, more than half (52 percent) of the respondents said that they spent about the same amount of money on their coverage last year. Seven percent appeared to have the best insurance news, as they claimed to have spent less. The remaining 4 percent either didn’t know what their spending was last year in comparison to the year before, or they declined to answer.
The study was commissioned by Bankrate Inc., which also released the findings. That organization is an aggregator, distributor, and publisher of online personal finance content.
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The research included the participation of 1,003 adults residing within the continental United States. It took place from January 3 through January 6, 2013, and the surveys and interviews were conducted over the telephone.
Among the participants who claimed in their insurance news that they had spent more on their coverage over the previous year, 62 percent said that the reason was because their premiums had increased. The next most common response (at 12 percent) that was given was because they had purchased a new home, auto, boat, or recreational vehicle.
The insurance news results were based on the total amount of spending that was made on all forms of coverage, including homeowners, auto, renters, life, and health. One of the analysts for Bankrate commented on the results. Doug Whiteman said that “Consumers shouldn’t accept rising insurance premiums without a fight.”