Soaring insurance rates drive auto insurance shopping rates higher: report

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Shopping rates for new auto insurers climbed in January and February 2024, rebounding from a dip in the previous quarter.

Consumers picked up insurance rate policy shopping in the first quarter of 2024 as they searched for more affordable options, according to a new report from J.D. Power and TransUnion.The uptick in insurance shopping follows two continuous quarters of consumers seemingly accepting there were no discounts to be had. In January, shopping rates increased to 12.1% from 11.7% and increased again to 12.5% in February. Shopping rates jumped up 13.

Drivers of Kia and Hyundai cars have had difficulty insuring these vehicles because certain models are highly stolen.Florida and Louisiana top the list of states with the highest annual premiums. Drivers here pay an average premium of more than $2,700 per year. That's 47% more than the national average. Drivers in Vermont and Idaho pay the least, with annual premiums registering 35% below the national average.

 

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