Brief

Auto Insurance Spotlight

This brief takes a closer look at the auto insurance coverage, acquisition channels, knowledge, and claims experience of American consumers, with a particular focus on LMI consumers.

Download The Report
Tuesday, October 16, 2018
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.

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 →

Our Supporters

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.

Written by

Auto Insurance Spotlight

Explore the trends. Discover new insights. Build stronger strategies.

Download The Report