Auto and property insurance shopping rose markedly in the third quarter of 2024, pushing carrier switches up 38% compared with last year, according to a report from TransUnion.
Homeowners insurance shopping rose 19% and auto insurance shopping rose 16% respectively, TransUnion’s 2025 Personal and Commercial Lines Annual Insurance Outlook shows.
Auto insurance shopping rose across generations, with baby Boomers shopping the most (34%), followed by Gen Z (23%), Gen X (18%) and Millennials (8%).
Property insurance shopping increased for homeowners and renters, the report shows.
Price hunting was a primary factor cited in the switching behavior.
“The main motivator for a customer to look for new insurance is, of course, price — and with insurers raising auto and property insurance premiums, more and more people are searching for a less costly deal,” the report states.
Increased advertising was another possible factor that motivated people to shop for other insurance. The report cites an increase in online display advertising (346%), social media (81%) and online video advertising (55%). However, national TV spending fell 15%, the report shows.
TransUnion is a global information and insights company.
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Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.