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You are here: Home / News / U.S. Consumers Continue to Shop and Switch Auto Insurance at Higher Rates

U.S. Consumers Continue to Shop and Switch Auto Insurance at Higher Rates

February 22, 2024 By CollisionWeek Editor

According to the LexisNexis Insurance Demand Meter, a “Hot” Q4 2023 spelled continued rate increases, along with improved combined ratios, and now opens a window for insurers to capitalize on continued shopping as they seek a return to profitability in 2024.

Key takeaways from the fourth quarter report include:

  • Year-over-year shopper growth showed the strongest Q4 growth since 2020.
  • Quarterly year-over-year growth for new policies outpaced shopper growth for the sixth consecutive quarter, meaning consumers continue to switch carriers at an increasing rate when they shop.
  • Not resigned to higher rates, 41% of insured households shopped their auto insurance at
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Filed Under: News Tagged With: Auto Insurance, LexisNexis Risk Solutions

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