FI showroom red and grey logo
MenuMENU
SearchSEARCH

Consumers Trying to Keep Down Insurance Costs

Though rates may be stabilizing, many pay out of pocket for repairs, shop for new carriers.

August 20, 2024
Consumers Trying to Keep Down Insurance Costs

The number of consumers shopping for new insurance was up 7% year-over-year in the second quarter, despite rates being flat.

Credit:

Pexels/Sindre Fs

2 min to read


With the cost of auto insurance on the rise in recent years, along with car prices and other expenses, consumers are employing all the avenues they can to save money on the necessity.

A LendingTree survey of 2,000 U.S. consumers found that more than a third have opted to pay out of pocket for repairs due to collisions or other incidents. The poll further revealed that 24% have regretted filing an auto insurance claim.

Ad Loading...

Meanwhile, the number of consumers shopping for new insurance keeps increasing, up 7% year-over-year in the second quarter and setting a record for the second straight quarter, according to TransUnion. That’s despite the Consumer Price Index for auto insurance being flat in May after steady increases since late 2021.

“It is very encouraging to see indicators that carriers are returning to rate adequacy, and ultimately profitability,” said TransUnion insurance business unit’s Stothhard Deal.

Despite rates showing signs of stabilizing, the LendingTree poll found that for consumers who’ve paid for repairs without their insurers’ help, 42% said they wanted to avoid an insurance rate increase as a result of filing a claim, while 59% indicated the damage was minor, and 44% said their deductibles were higher than the cost of repair.

LendingTree said 76% of survey respondents who’ve paid for repairs themselves had deductibles under $1,000 and 65% spent less than $1,000.

Of respondents who have filed insurance claims for repairs, 24% said they regretted it, 59% of those due to insurance rate bumps, 36% due to reduced vehicle value, and 33% because of a high deductible.

Ad Loading...

The survey found that 73% of consumers prefer to pay for minor repairs themselves than file a claim, and about half have paid out of pocket for damages that would’ve been covered by their insurance.

 

 

 

 

 

 

 

 

Originally posted on Auto Dealer Today

More F&I

Easycare White paper cover See how AI-powered coaching can turn F&I customer conversations into actionable insights that support compliance, performance and profitability
SponsoredSeptember 8, 2026

How AI-Powered Coaching Is Transforming F&I Performance

See how AI-powered coaching can turn F&I customer conversations into actionable insights that support compliance, performance and profitability

Read More →
Assurant, Sell Value Build Trust, F&I Series, Expert Trainer Trent White
F&ISeptember 2, 2026

Sell Value, Build Trust

In this video, Trent White explains why selling on value, not fear, builds lasting customer trust, reduces cancellations, and drives long-term success.

Read More →
2026 StoneEagle summary
F&Iby Hannah MitchellAugust 31, 2026

F&I Sales Give Dealers First-Half Lift

Product business shored up total profits to avoid an overall revenue tanking as product penetrations held steady, StoneEagle reported.

Read More →
Ad Loading...
man with white hair and glasses delivering a speech standing next to a podium
F&Iby Lauren LawrenceAugust 31, 2026

Targeted Training Drives Results

Today’s technology, instead of threatening F&I managers, can actually make them better, according to an industry veteran who’s watched market setbacks roil the unprepared.

Read More →
Man's hand holding pen over a paper document
F&Iby Justin B. GasmanAugust 20, 2026

Double the Change, Double the Chance

When an F&I manager gets a customer refusal, it’s a wise move to tweak more than one thing in the product offering.

Read More →
Laptop computer, tablet, calculator and notebook on a desk
F&Iby John TabarAugust 20, 2026

Just Do It

F&I managers need training, but instead of resisting application or expecting perfection, they should improve by simply acting on what they learn.

Read More →
Ad Loading...
stacks of coins, a calculator, paperwork, and a pair of glasses in the background, text Lender Experience Drives Dealer Decisions, F&I and Showroom
Auto Financeby Lauren LawrenceAugust 12, 2026

Dealer Lender Preferences Revealed

When lenders provide consistent, fast service, their overall satisfaction scores with dealers greatly improve, according to JD Power research.

Read More →
Leading with Purpose thumbnail. Trent white pictured in front of titled graphic.
F&IAugust 5, 2026

Leading with Purpose

In this video, Trent White explains how understanding your people’s 'why' is a key leadership responsibility of F&I professionals and how that mindset drives dealership engagement, trust and performance.

Read More →
Photo of a keyring with mltiple keys, including a car key fob, on a white surface
F&IJuly 15, 2026

Integrating Nontraditional F&I Products

The niche presents a strategic advantage for auto dealerships as they move to adapt to fast-changing consumer expectations in today’s market.

Read More →
Ad Loading...
Photo of businessman's hands holding eyeglasses at a desk
F&Iby Rick McCormickJuly 7, 2026

Trust Is Personal

Technology, no matter how efficient, can’t replace what the human F&I manager can do, which is to bridge the divide between cyberspace and the in-store experience.

Read More →