Thursday, April 15, 2021

Thrifty Thinking: Auto Insurance Data and Projections

I have a chance to share the latest data and projections found in The Insurify Annual Report:

  • Auto insurance prices in 2021 are projected to increase by 6%

  • Date scientists identified the Top 10 cheapest and most expensive states for car insurance 

  • An analysis on the impact of COVID-19 uncovers changes in driving, crash, and fatality rates

More insights on the state of the auto industry and the methodology can be found here:


The Insurify Annual Report

View the full report

The Insurify Annual Report is an analysis of 25.5 million car insurance quotes. It takes a closer look at the elements driving pricing trends over the past year, recaps major events in the auto insurance landscape this year, and includes a look ahead to car insurance costs in 2021.

I had a chance to learn more in this interview.

Why is it important to know stats regarding auto insurance prices? 

Keeping an eye on car insurance stats is all about being a smart customer. By knowing these statistics, you can be a vigilant customer who is less likely to overpay for car insurance, because you know what’s out there and you know how much you should be paying. After all, car insurance is a fixed expense you’re going to pay for years. That kind of money can certainly add up. 

How can families keep their insurance costs down?

The first step to cheaper car insurance is to compare plans across providers. This can be difficult and time-consuming to do, but it really only takes about five minutes if you use a quotes comparison website like Insurify. That way you can see what each company will charge you while toggling between different coverages, deductibles, and discounts. 

Additionally, families should know what discounts are available to them. There are a lot of discounts for teen drivers: teen drivers with a B average or above, teen drivers who are away at school, and teen drivers who take certain driving courses. Additionally, you can get discounts for insuring multiple vehicles on the same plan, bundling your home and car insurance, for having good credit, the list goes on. 

How often should families be looking around to compare plans?

Families should look to compare car insurance plans every time their current plan is up for renewal. That usually means comparing every six months or every year. The idea is to know all the options available to you before you buy or renew. 


If families are thinking of switching, what do they need to consider?

When switching plans, consider the entire package you’re getting. Some companies may be more expensive, but it could be because they offer benefits like roadside assistance to all their customers. Others may be cheap only because the plan deductible is high or the coverage limit is low. That’s why it’s really important to use a comparison platform, because those pros and cons are accounted for and it’s an apples-to-apples comparison. Some comparison platforms, like Insurify, even use AI to make coverage recommendations tailored to your driving profile. 

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