Americans shopping for auto insurance deals
The effects of the recession on U.S. consumers have forced some to consider discontinuing their auto insurance, according to a new study.
The effects of the recession on U.S. consumers have forced some to consider discontinuing their auto insurance, according to a new study.
A survey sponsored by the Insurance Research Council IRC) found that 9 percent of U.S. consumers had canceled or did not renew their car insurance coverage. Of those consumers, 31 percent said they had sold their vehicle because it was too expensive to keep.
Mainly, consumers reported searching for ways to save on car insurance without resorting to those drastic measures. Twenty-eight percent said they were shopping for lower premiums.
Another 15 percent of consumers said they have sought to cut the cost of their auto insurance premiums by opting for higher deductibles or reducing the amount of coverage.
The IRC said the survey shows that a majority of Americans recognize the value of being insured, despite economic hardships.
Elizabeth A. Sprinkel, senior vice president of the IRC, said the survey results also show that Americans are willing to shop and reevaluate their insurance needs in order to reduce insurance costs.
Learn how easy and convenient shopping for auto insurance can be. Get your free auto insurance quotes today!
Posted: May 01, 2009
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