The combination of the high annual inflation rate means that the cost of living is a growing challenge for Americans, and auto insurance has become a stressful concern.Auto
The survey was conducted by PolicyGenius. It showed that 43 percent of drivers were paying more in 2023 for their auto insurance coverage than they did in 2022. Similarly, 40 percent of insured drivers said that they were feeling stressed about being able to afford their premiums. This is particularly problematic as most states across the country require the coverage to be in place to legally drive.
There is a particular concern among Millennials and Gen Z. Over half (55 percent) of drivers between the ages of 18 and 34 years old said that they were feeling stress over their ability to afford their premiums. Another 24 percent said that they were ‘very stressed.’