Around 10% of drivers are considering dropping insurance to save money

“Based on our comprehensive research and feedback from over 100 carriers, the general consensus is that it will be eight to twelve months (from fall 2022) before the market stabilizes,” said Betsy Stella, Insurify’s vice president of insurance partnerships. “Some think it could be several years before a soft market returns.” (Credit: anekoho/Adobe Stock)

As American motorists are strained by inflation and the rising cost of vehicle ownership, around 10% are considering dropping their auto insurance coverage as a way to save money, according to Insurify’s 2022 Auto Insurance Trends report.

“Our annual data reflects the state of the nation’s economy through an insurance lens, and our 2022 report illustrates how rising inflation and recent interest rate hikes are affecting the American public and how they are responding,” Snejina Zacharia, Insurify’s CEO and founder said in a release.

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