Most drivers believe other motorists’ driving behaviors are bad and getting worse, according to Nationwide. Yet most rate their own driving very highly, despite participating in the same risky behaviors.
While sky-high premiums prompted half of U.S. auto insurance customers to shop for a new plan last year, few alternatives meant most stayed put. That’s all about to change.
Underwriting losses of $17 billion last year drove 2024’s first half-increases, according to data analysis from Insurify, which predicts rates will increase a total of 22% by the end of the year.
Risky driving patterns continue to rise with instances of speeding, driving under the influence and distracted driving all increasing in 2023, according to LexisNexis.
The Trusted Choice® survey revealed that while most U.S. insurance consumers don’t fully understand the policies they have purchased, 86% believe they do.
The increase in auto insurance shopping is prompted by soaring auto insurance costs, with a 22.2% year-over-year increase in the average cost of auto insurance through the end of February.
The latest driving behavior survey from Nationwide revealed that both personal auto and commercial drivers partake in risky behaviors that impact all drivers on the road.
In addition to $65 billion in CAT losses, AM Best analysts also said both economic and social inflation played large roles in property & casualty losses.
As auto insurance shopping rates rose during the fourth quarter of 2023, carrier retention rates dropped.
It’s the biggest jump since 1976 and the 16th consecutive month of annual gains exceeding 10%, according to the Bureau of Labor Statistics.
