Auto insurance

One in three U.S. drivers now struggle to pay for car insurance

By June 2022, consumer prices had risen 9.1%, the largest increase in 40 years, according to the US Bureau of Labor Statistics. (Photo: BDS Piotr Marcinski/Shutterstock)

New research confirms that many U.S. auto insurance customers are feeling the pinch of historic 2022 inflation.

This was revealed in the results of a recent survey conducted by Way.com, the driving app and website that serves as an “auto service marketplace” that allows users to locate parking, schedule car washes car, car insurance and more. Around 6.5 million drivers are said to use the service.

Way.com surveyed 1,000 drivers to explore the impact of the current economy on their usage and insurance choices. The survey showed that 34% of respondents find it difficult to pay car insurance premiums. This same percentage of drivers said their current car insurance costs more than $200 per month.

By June 2022, consumer prices had risen 9.1%, the largest increase in 40 years, according to the US Bureau of Labor Statistics. Gasoline and other fuels experienced the largest price increase among a range of consumer products.

It has also been reported that auto insurance premiums are expected to continue to rise through 2023, matching a steady increase in demand and vehicle prices.

“We’ve never seen double inflation like this in the 25 years I’ve been in the industry,” Ezra Peterson, senior director of insurance sales for Way.com, said in an article. blog about the company’s recent research. Peterson suggested now might be a great time to research competitive car insurance rates and services, “especially if you’ve been with the same insurer for years.”

About three in four respondents to the Way.com poll said they had had the same car insurer for five or more years.

“Car insurance is not unique,” concluded the Way.com researchers. Coverage “should be customized to a person’s specific needs.”

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