According to a Forbes Advisor survey, 29% of drivers strongly agree, and 29% somewhat agree they’re paying too much money on car insurance. As many as 68% of respondents who thought they paid too much for vehicle insurance got car insurance quotes in the past year.
Among those who got quotes, men were more likely than women (84% vs. 58%) to actually compare them.
And recently, many of them (29% of responders) ended up changing their car insurance company in 2021 or 2022. Again, men were more likely than women to switch automobile insurance companies.
On the other hand, 26% of female and 15% of male drivers never changed their car insurers. At the same time, since the start of 2021, 35% of male drivers and 26% of female drivers changed their insurance providers.
So, what are the most common reasons drivers change their automobile insurance providers?
- To save money (58%)
- To acquire different coverage (19%)
- Because they purchased a new vehicle (8%)
- Because they moved (6%)
- Because they didn’t like the customer service (5%)
- Because of the company’s advertisement (2%)
Furthermore, according to the survey, women were more likely than men (62% vs. 52%) to change insurance companies due to high prices. Men, on the other hand, were more likely than women to change their insurance providers for different coverage (24% vs. 15%).
When asked how much savings is enough to make the car insurance switch worthwhile, 62% claimed they’d need to save a minimum of $200 each year in order to change insurance companies.