Top Takeaways
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.
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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.
