Car Insurance Sales Increase As Younger Generation Returns To Work

According to a new TransUnion report, the rate of auto insurance shopping changed dramatically in the second quarter of 2021. Younger consumers are returning to work, and insurance buying climbed 5% yearly in Q2.

In the first quarter of this year, the three-week average dropped by 10% to 25%. The three-week moving average for vehicle insurance increased 2.9% during the report’s most recent week, July 4.

This is a good indicator, said Mark McElroy, executive vice president and head of TransUnion’s insurance division. “While a strong housing market and low interest rates have helped property insurance sales, vehicle insurance sales have been slower to rebound due to limited new car inventories. Younger and higher-risk clients are increasingly shopping for vehicle insurance.”

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According to the survey, many non-standard auto insurance clients went uninsured or underinsured in 2020. Following tax refunds and stimulus checks, many Americans can now afford insurance again.

In addition to millennials and Gen Z, TransUnion’s 2018 Personal Lines Insurance Searching Report observed a rise in higher-risk consumers shopping for auto insurance. Consumers with TrueRisk scores between 300 and 500 boosted their three-week buying rate by 9.2%.

For people at higher risk, it’s vital to shop around for the best deal. QuoteYeti allows you to enter your information once and receive quotations from several insurance companies. There are also discounts for bundling with homeowners insurance or having a higher deductible.

In 2021, millennials and Gen Z became more active shoppers, while Boomers and Silent generations became less engaged. Due to the COVID-19 pandemic, many millennials and Gen Zers experienced substantial youth unemployment, which is now decreasing.

According to McElroy, “younger consumers who lost jobs in 2020 may have left the auto insurance market altogether, but are gradually returning as they take on new jobs and need coverage as their transportation needs shift.” “More people will be able to shop for new cars and auto insurance due to delayed tax refunds and stimulus payments. Overall, the seasonal ebb and flow of auto shopping may not apply in the coming years.”

Drivers can minimize their monthly insurance prices by comparing multiple automobile insurance companies. Find out if you qualify for a car insurance policy with QuoteYeti. Some carriers base charges on the driver’s history, teen drivers, or other criteria, so drivers can save money by shopping around.

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