Insurance Shopping Study 2023: How Do You Shop for Insurance?

COSTA MESA, Calif. - Dec. 19, 2022 - PRLog -- According to the J.D. Power U.S. Insurance Shopping Study series, many people are dissatisfied with their insurers due to significant rate hikes and are actively shopping for new policies.

Many consumers who bundled their home and auto insurance for a discount began looking for savings by breaking up the bundle. In most cases, shoppers are seeing more of a hike in auto insurance than home insurance, which is why they are buying policies separately, but home insurance is on the rise again too in 2023.

Many new renters were former homeowners who neglected to buy renters insurance policies, which is crucial to replacing all your personal items if a disaster destroys or damages them.

Buying an individual or family health insurance plan was one of the most puzzling things to do for many insurance shoppers, and they needed to create complicated graphs and map out several factors to compare options. Many still weren't sure if they were comparing apples to apples.

Roughly 30% of small businesses saw hikes in commercial insurance premiums, but did not shop around for lower rates, which are easy to find in the market today.

As for life insurance, many shoppers were confused about the options and benefits and often bought a policy on price alone, which ended up in dissatisfaction. We suggest and help you find agents who will help you compare insurance policies in a knowledgeable way, even when buying Medicare Advantage plans.

So, how do you shop for insurance? See how others have done it and how you can get the best coverage at the lowest rate for any type of insurance you need in 2023.

For a full report visit https://smartfinancial.com/insurance-shopping-study