Consumers tracking cost of insurance plans: Nationwide

Most consumers expect costs to rise over the next year including cost of living expenses and housing, according to Nationwide’s 2024 Economic Impact research. 

Over three-fourths, 76%, of consumers have reviewed their insurance policies in the past six months or plan to do so by the end of the year. The survey was conducted online in May. 

Casey Kempton, Nationwide’s president of personal lines insurance, said in a press release: “As consumers focus on how best to manage their finances during this uncertain economic period, an insurance agent can serve as a valuable partner to help people understand how best to manage the sometimes-delicate balance of saving money in the short-term without exposing themselves to significant future financial risks.” 

Thirty-one percent of respondents say they will look for ways to reduce the cost of their existing insurance policies and a quarter, 25%, say they plan to get a quote from a different carrier. 

Half of consumers are also delaying routine home maintenance pointing to cost and other financial priorities.

Respondents also suggested they’re concerned about artificial intelligence automating jobs and decreasing job security but about two in five, 36%, said they would trust financial advice generated from AI. 

Digital Insurance recently published a story about auto insurance shopping with research from TransUnion and J.D. Power.