In the first three months of this year, more people in the United States were looking for car insurance compared to last year. This increase, which is 6%, shows that people are trying to find ways to save money because prices for things they buy are going up.
It’s important because when people shop for insurance, they are checking different insurance plans to find the best one for them. When money is tight, people search for insurance more because they want to find cheaper plans.
Car insurance prices went up a lot in April, around 22.6% compared to last year. This is the biggest increase in a year since the 1970s.
The reason for this increase is that it’s becoming more expensive to fix cars because they are getting more complex. Also, bad weather is causing more damage to cars, so insurance companies have to pay more to cover these costs. Because of this, they’re charging higher prices to cover these losses.
A person from TransUnion, a company that deals with credit reports, said, “As insurers see improved profitability, it’s likely that some will cautiously increase investments in customer acquisition.” This means that as insurance companies start making more money, they might spend more to attract new customers.
