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Finance News - 58% of Drivers Believe They Pay Too Much for Car Insurance

58% of Drivers Believe They Pay Too Much for Car Insurance

  • Marina Avramovic
  • June 8, 2022

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.

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Marina Avramovic

Marina is a content writer and a film-maker who spends most of her time in front of the computer, writing articles and blog posts on various subjects, learning fictional languages or editing avant-garde movies. This compulsive penchant for learning new ways of dreaming and writing became her dream job. When she's not obsessing about work she tries to cook, read dystopian novels and go on adventures with her dog.

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