The same Transunion report notes that consumers are shopping for better insurance rates more often. In March of 2023, the number of high credit shoppers (those with credit scores of 701 or higher) increased 13 percent year over year. This statistic means that one of the most sought-after groups of drivers, those with high credit, are on the move, unhappy with renewal rates.
Those with good credit scores of between 501 and 700 saw a decrease in shopping by 13 percent, while those with poor credit saw a drop of 4 percent. People in these categories are staying where they are or letting policies lapse.
Additionally, consumers are getting more car insurance quotes from multiple sources, looking for the best deals. The number of inquiries has increased from 1.43 to 1.55 per consumer. Consumers are going to agents to find better deals, with a 25 percent increase in insurance agent shopping in Q1 of 2023 compared to 2022.