62% of Americans are overpaying for car insurance
In most industries, companies will reward customer loyalty. Car insurance is the exact opposite. The thinking is that most customers won't take the time to shop around for new insurance options. As such, returning customers are likely to be charged more than new customers.
Younger drivers are more likely to be overpaying
Meanwhile, the tech-savvy Gen Z is more likely to buy insurance directly from agents. The reason for this difference isn't certain, but some speculations can be drawn.
For starters, older generations are probably more familiar with how car insurance works. They already know that car insurance companies are likely to upcharge loyal customers instead of rewarding them. As Gen Z are newer to the rules of the road, they may be unaware of this practice.
The study found that a whopping 76% of Gen Z drivers never shop for better car insurance rates. Sure, age and credit score all but guarantee that Zoomers will pay more for insurance than their grandparents. But by not shopping around for better rates, Gen Z will be paying more than they need to.
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