Auto Insurance Shopping Rising Again as Rates Increase

CHICAGO, IL--(Marketwired - September 29, 2016) - As auto insurance rates increase, more consumers are shopping around for new policies. TransUnion's (NYSE: TRU) latest Auto Insurance Shopping Index has observed five consecutive months of increases with 17.3% of the credit population now actively shopping for auto insurance as of Q1 2016. One year earlier in Q1 2015, 16.9% of the population shopped for auto insurance.

The increase in shopping has coincided with the rise in auto insurance rates. According to the Bureau of Labor Statistics' Consumer Price Index, auto insurance costs rose 6% in April 2016. During the full year 2015, rates increased by 5.4%.

"More consumers are driving as the economy continues to perform well and gas prices remain low. With more drivers on the road, it is logical to see an increase in traffic accidents," said Mark McElroy, executive vice president of TransUnion's insurance business unit. "As a result, we are seeing an increase in auto claims frequency and in response, some carriers are raising insurance rates. Consequently, we are seeing a rise in the number of consumers shopping for new or lower priced policies."

Percent of Credit Population Shopping for Auto Insurance on a Yearly Basis
2010	2011	2012	2013	2014	2015	Q1 2016
15.5%	16.1%	16.9%	16.8%	16.8%	17.0%	17.3%

TransUnion data confirms that consumers shop for auto insurance around the time of a move. The prevalence of auto insurance shopping increases 200% the month prior to a move, 130% during the month a consumer moves and 60% one month after a move. "Consumers can check their credit score and should understand their credit history before they start shopping for auto insurance, since several aspects of a credit history could impact their premiums."