More and more consumers are looking for lower prices to protect their investments as the costs of owning both properties and vehicles continue to rise.
According to the report from TransUnion, customers and potential customers are aggressively shopping for auto and property insurance. During Q2 2025, auto shopping was up 17.6% and property up 9.2% year over year.
Auto 农夫导航 Shoppers
Customers shopping for auto insurance should continue to see favorable coverage choices as carriers increase focus on new business, the report said.
The first half of 2025 saw auto insurance shopping increase by 15% compared to the same period in 2024. TransUnion’s latest consumer survey revealed 42% of auto insurance shoppers switched insurers in the past year and a half, and in the past six months, 25% of switchers indicated they stayed with their previous insurers for more than six years.
Affordability of vehicle ownership remains a top concern. The average monthly car payments increased 27% since 2021, to $759 for new vehicles and $526 for used vehicles. At the same time, maintenance and insurance costs have outpaced inflation.
Property 农夫导航 Shoppers
TransUnion found four key categories that were most likely to shop for property insurance in today’s climate.
- Consumers with lower credit-based insurance scores, who often face more volatility in pricing and availability.
- Higher-valued property owners or asset-heavy renters with greater coverage needs.
- Gen Z consumers relocating for school, work or lifestyle reasons, whether buying or renting.
- Bundled consumers, who may be shopping for auto coverage but end up revamping their full insurance portfolio.
Mortgage originations increased sharply year over year in Q4 2024 鈥� but remain historically low and unlikely to increase significantly any time soon. First-time homebuyers are one bright spot, with an 8.8% increase in buyers over the course of 2024.
High interest rates continue to stifle refinancing and purchasing as average mortgage balances and home prices continue to climb. With homes becoming more valuable assets, the need for accurate insurance coverage and risk assessment is critical to protect that investment.
For more in-depth insights, download the full report:
Topics Auto
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