Usage based insurance

More consumers are willing to unbundle their home and auto policies in order to take advantage of usage-based insurance (UBI) programs, according to the U.S. Auto Insurance Q3 2022 Shopping LIST Report from JD Power and TransUnion. Increasing auto premiums have driven customers to seek UBI programs as a way to save money by personalizing their premiums in light of inflated costs.

According to a report from Insurify, the average annual auto insurance premium climbed from $1,400 in 2019 to $1,648 in 2022 – an increase of about 17.7% – and customers are feeling the strain of these rising costs.