Americans shopping for auto insurance to save money, TransUnion report – Fox Business

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Auto insurance shopping is down overall, but more consumers are choosing to switch providers in order to save money, a new TransUnion study showed.  (iStock)
Shopping for auto insurance slowed this year, but many Americans continue to look for new insurance in order to save money, rather than being prompted due to a new car purchase, according to new reports.
The auto insurance shopping rate dropped to 11.7% in the third quarter of 2022, down from 11.8% in the previous quarter, according to the Quarterly Auto Insurance LIST Report by J.D. Power in collaboration with TransUnion. And auto insurance shopping decreased 3% annually in the second quarter of 2022, according to the Personal Lines Insurance Trends and Perspectives Report by TransUnion
"While auto insurance shopping is down overall, the percentage of shoppers seeking new auto insurance, but aren’t looking to buy a vehicle as well, has increased," the TransUnion report stated. "In other words, a higher percentage of shoppers are doing so driven by price or some other factor unrelated to a change in the car they drive."
If you’re shopping for auto or home insurance, consider an online marketplace like Credible where you can compare different insurance companies. Visit Credible to find the best car insurance rate for you.
INFLATION DRIVING MANY AMERICANS TO CURB INSURANCE POLICIES TO SAVE MONEY, SURVEY SAYS
Auto insurance shopping is trending downward due to factors such as high car prices and low inventory as well as rising gas prices and interest rates, according to the J.D. Power and TransUnion report.
But even as more consumers seek to lower their insurance premiums, an 11% decrease in new auto insurance shopping by higher-risk consumers greatly subdued the total shopping overall, according to TransUnion’s report. 
"The lack of new vehicle purchases suppressed overall auto insurance shopping," said Michelle Jackson, senior director of personal property and casualty insurance of TransUnion’s insurance business. "Even with the influx of consumers shopping their auto insurance as premiums increase from industry-wide rate increases, this cannot overcome the suppressed shopping rates we are seeing from consumers not purchasing new cars, thus creating a shopping event."
If you're seeking to save money on your car insurance premiums, you can visit Credible to compare quotes from multiple insurance companies and find the best option for you without affecting your credit score.
NEW CAR INVENTORIES RISING AND PRICES FALLING, BUT NOT MUCH YET
Homeowners insurance shopping was more resilient than auto insurance shopping during the second quarter of 2022, rising 4% annually, according to the J.D. Power and TransUnion study.
The slight increase in homeowner’s insurance shopping was primarily driven by an increase in the South. Homeowners insurance shopping in the region was up 12% year-over-year in the second quarter.
"We’re still seeing interest in relocating to sunnier environments, which has led to increased homeowners’ insurance shopping in states such as Florida and Texas, which ironically are states that are more prone to extreme weather events and more expensive insurance," Jackson said in a press release.
If you’re looking to save on homeowner’s insurance, you may want to compare different insurance companies to find the company that best fits your needs. Contact Credible to speak to an insurance expert to find the best homeowners insurance quote for you.
INFLATION PUSHES CONSUMER CONFIDENCE TO THREE-MONTH LOW
Nearly all Americans, or 95%, say inflation is a concern, and 38% say they’re extremely concerned, according to the latest Consumer Pulse Survey by TransUnion
Experts expect inflation to remain high through 2024, saying the Fed may not reach its inflation target of 2% until that time, according to the latest forecast by the Mortgage Bankers Association (MBA). The Federal Reserve has recently attempted to lower inflation by raising interest rates, which could cause auto and home insurance premiums to rise in the coming months.
If you’re searching for ways to keep your insurance costs down, you can compare quotes from different companies. Visit Credible to look at different quotes and find one that’s right for you.
Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.
Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by Factset. Powered and implemented by FactSet Digital SolutionsLegal Statement. Mutual Fund and ETF data provided by Refinitiv Lipper.
This material may not be published, broadcast, rewritten, or redistributed. ©2023 FOX News Network, LLC. All rights reserved. FAQNew Privacy Policy

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