Americans Shop Around for Insurance More Than Ever as Costs Soar

Americans are seeking to change their insurance coverage more frequently than in the past, after a surge in premiums that’s squeezed household budgets, a new industry report shows.

For car insurance, so-called policy shopping rates — essentially the share of people with insurance who searched for quotes from a provider — jumped an average 16% from a year earlier in the second quarter of 2024, according to LexisNexis Risk Solutions, a clearing house for insurance data with access to more than 95% of the auto policy market. The figure climbed even higher in July, exceeding 30%.

The quest for ...