New WalletHub Report Indicates 75% of Consumers Want Best, Not Cheapest, Car Insurance - BodyShop Business

New WalletHub Report Indicates 75% of Consumers Want Best, Not Cheapest, Car Insurance

Personal-finance website WalletHub's 2019 report on the states with the cheapest and most expensive car insurance indicates that 75% of drivers want the best car insurance, not the cheapest coverage.

Personal-finance website WalletHub’s 2019 report on the states with the cheapest and most expensive car insurance indicates that 75% of drivers want the best car insurance, not the cheapest coverage. Other key findings included:

  • 14% of people say they would not buy car insurance if not legally required (millennials are 2X more likely than boomers to agree)
  • 71% of people say it’s unfair for gender to be a factor in car insurance pricing, and 65% feel the same way about credit scores affecting car insurance costs.
  • 54 million Americans say they don’t understand their car insurance

Despite the fact that most people want the best, not cheapest, car insurance, 64 million people prefer the cheapest car insurance, according to the survey.

Roughly 54 million people (22 percent of U.S. adults) say they do not understand their car insurance, and part of the reason is the confusing hodgepodge of insurance companies and regulations.

This, along with a general lack of subject-matter understanding among consumers, may also help explain why 63 million people, or 25 percent of U.S. adults, have never switched car insurance policies. Picking a policy the first time may have been hard enough, and no one wants to trade down by mistake.

To read the full WalletHub report, click here.

You May Also Like

Classic Collision Adds New Location in Virginia Beach

Classic Collision has announced the acquisition of H&T Collision Center in Virginia Beach, Va.

Classic Collision has announced the acquisition of H&T Collision Center in Virginia Beach, Va.

H&T Collision opened in July 2005 as a family-owned center and quickly grew to a 13,000-square-foot location equipped with state-of-the-art equipment.

“By doing nothing but quality work and treating our customers right, we have managed to become one of the largest independent repair facilities in Virginia Beach, and we believe Classic Collision will continue our efforts here,” saidTroy Fassler, former owner of H&T Collision Center.

Latest SEMA Research Says Sales Growing Across Industry

The automotive specialty-equipment industry continues to see growth, strong demand and less volatility this year.

New Hunter University Offers Online and In-Person Training

The platform collects all of Hunter’s extensive learning content in a single place, offering dozens of free online courses worldwide.

New Products of the Week

A review of some of the latest products featured on bodyshopbusiness.com.

Consolidator Report

Consolidation news from the week of May 20.

Other Posts

Top 5 Stories of the Week

A recap of the top five stories on bodyshopbusiness.com during the week of May 20.

OPUS IVS Study Reveals Answers to ADAS Reimbursement Challenges

The study concluded that the right diagnostic solution can minimize issues related to insurance reimbursement processes, reduce technician shortages and improve overall operational efficiency. 

Bosch Auto Service Salinas Celebrates Grand Opening

Bosch Auto Service Salinas, formerly Dick Adams Automotive, received a full interior and exterior Bosch Auto Service rebrand, a new ADAS machine and more.

Axalta Announces Partnership with Solera

Axalta customers will now be able to estimate their CO2 emissions per repair while considering repair methods, paint application process and drying conditions.