Consumers didn’t shop as much for homeowners and auto insurance in the second quarter of 2022 amid fewer home and auto sales, according to a recent TransUnion report.
Shopping for homeowners insurance only increased 4% in the second quarter compared to the same time last year, the report said. The increase was mostly driven by activity in southern states, where shopping was up 12% compared to last year.
And auto insurance dipped 3% in the second quarter compared to the same time last year. The biggest drop in auto insurance shopping was in the higher-risk consumer category, which TransUnion defined as shoppers with credit scores between 300 and 500. This category showed an 11% decline in shopping activity over the second quarter, compared to last year.
“One unusual storyline of 2022 is that there was a surge of insurance shopping in the beginning of the year among the highest-risk groups; however, these sales slumped quite rapidly as we moved into the second quarter of the year,” the TransUnion report said. “It’s possible that some of this early-year shopping activity was driven by the wave of tax refunds.”
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Car insurance shopping ebbs as purchases decline
New and used car sales recorded a drop of 3.7% and 17%, respectively, in May, according to TransUnion. And the used car market is currently on pace to finish the year with a more than 12% decrease in sales from