The rate of auto insurance shopping appeared to change significantly in the second quarter of 2021, according to a new report from consumer credit reporting agency TransUnion. Amid an economic recovery from COVID-19, younger consumers are returning to work, and shopping for such insurance grew 5% annually in Q2.
Comparatively, a 10% to 25% three-week average drop was seen in the first quarter of this year. The three-week moving average for auto insurance increased by 2.9% during the most recent week included in the report, July 4.
"It’s a positive sign to see an increase in both property and auto insurance shopping," said Mark McElroy, executive vice president and head of TransUnion’s insurance business. "While property insurance shopping has been partly buoyed by a strong housing market and low interest rates, auto insurance shopping has clearly been slower to recover partly due to constrained inventories of new automobiles. More automobile insurance shopping may soon be on the horizon as we are seeing an increase in such activity by younger as well as higher-risk consumers."
Shopping around for auto insurance coverage is important, because companies will charge differently depending on options you want – including bodily injury, property damage, collision coverage and much more. If you are looking to purchase auto insurance coverage or want to know if you could get a better rate, visit Credible to compare multiple auto insurance coverage options at once and find...
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