Business Journal

Insurance

37% of Americans Spent More on Insurance in 2012

insurance in America

Thirty-seven percent of Americans spent more on insurance over the past year while only 7% spent less, according to new research published today by Bankrate.com. The remaining respondents either spent about the same (52%) or didn’t know/refused to answer (4%).

Of those who spent more, 62% said their spending went up because of rising premiums. The next most popular response was because they bought a new home, car, boat or recreational vehicle (12%). The results reflect Americans’ total spending on all types of insurance (auto, homeowners, renters, health, life, etc.).

“We continue to view rising expenses and stagnant wages as a key financial hurdle for American households,” said Doug Whiteman, insurance analyst, Bankrate.com. “But consumers shouldn’t accept rising insurance premiums without a fight. Compare quotes from at least three other companies, investigate all possible discounts and don’t be afraid to ask your current insurer for a discount. You may be able to get a better deal.”

The new survey was conducted by Princeton Survey Research Associates International (PSRAI).

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