Insuring the Way to a Financially Resilient America: Auto Insurance Spotlight
In this companion brief to our consumer insurance report, CFSI explores auto insurance coverage trends among low-to-moderate income (LMI) individuals and opportunities for insurers.



Sarah Parker, Director, CFSI

Top Takeaways

By looking at auto insurance coverage, acquisition channels, knowledge, and claims experience amount Americans, particularly LMI individuals, CFSI uncovered several key trends.

LMI consumers are more likely to change carriers for a lower price, putting them at risk of inadequate coverage

LMI consumers are more likely to pay higher rates than higher-income individuals, highlighting potential inequities in the underwriting process

When choosing policies, LMI consumers rely on their own research more than recommendations from family and friends

Data Spotlight

 

Do you think you are adequately covered by the auto policy you have?

LMI consumers are more likely to say they’re not adequately covered by insurance, yet these consumers are also more vulnerable to the negative financial effects of a car accident. 

 

SEE MORE DATA

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This paper benefits from financial support from the Prudential Foundation. The Opinions expressed in this report are those of CFSI and do not represent those of our sponsors.