Auto Insurance Shopping Soars to Record Highs; Rate Stability May Cool Trends
Auto Insurance Shopping Soars to Record Highs; Rate Stability May Cool Trends

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A recent J.D. Power report indicates that auto insurance shopping rates have reached an all-time high between April and June, with 13.5% of U.S. drivers actively seeking new quotes in May. The report also noted that 4.2% of drivers switched insurers during the same month, marking a significant trend in the market. Although shopping activity has surged, insurers are nearing rate adequacy, which may lead to a slowdown in future shopping as rate increases stabilize. Across the country, the Southeast and South-Central regions reported the highest shopping rates at 14.6%, while the national quarterly quote rate rose to 13.3%, the highest recorded since monitoring began in September 2020.
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