Many Drivers Are Finding Cheaper Auto Insurance Without Sacrificing Coverage

Even a modest premium increase can push drivers to compare options. Here's why it may be worth reviewing your own policy.

If you have not compared car insurance prices in a while, consider what happened to drivers who did.

In a LexisNexis Risk Solutions survey of 3,000 drivers, more than half of those who shopped for coverage over the past year found a lower rate. Most did not have to give up much to get it.

Among drivers who found a cheaper policy, 63% kept the same coverage, while 30% ended up with better coverage or a lower deductible.

LexisNexis released the survey in October 2026.

Why many drivers stay put

Among shoppers who switched insurers, 86% said price was part of the reason. For those who shopped but stayed with their current company, 85% cited a rate-related reason, most often that their existing policy still offered the best value. Just 17% said they stayed because they liked their insurer.

As Jeff Batiste, senior vice president and general manager for auto and home at LexisNexis Risk Solutions, said in a summary of the findings:

“Consumers are increasingly treating auto insurance as an ongoing value comparison, not a one-time renewal decision. Our research shows that many auto insurance shoppers are open to switching, but price and perceived value ultimately determine whether they stay or leave.”

In many cases, staying with the same insurer is also a pricing decision. A lot of people who remained with their carrier had checked around and decided their current rate was still competitive.

Shopping for coverage does not always mean switching, either. Among drivers who intended to move to a new insurer, 74% actually did. Of those who were simply open to changing, 25% switched.

It does not take a major rate increase

Premium increases were the most common trigger for shopping, with 49% of drivers saying that was the main reason they started looking. Life events such as moving, changing jobs or welcoming a new baby were much less common motivators.

The increase also did not have to be large. Half of shoppers said a hike of 20% or less was enough to prompt them to compare rates.

Once drivers switch, many continue to monitor prices. Among switchers whose new rate stayed the same, 89% said they would shop again if it went up.

Bundling does not always prevent a switch

LexisNexis says bundling has long been considered a way for insurers to retain customers, but the survey found limited impact.

Drivers with bundled policies switched at nearly the same rate as everyone else, 29% compared with 34%. Of the bundled drivers who did switch, 91% secured a lower rate, and 40% of bundled shoppers were open to breaking apart their bundle.

A bundling discount can still be the better option. The only way to know is to price coverage both ways.

Even longtime customers are comparing rates

Drivers age 66 and older have traditionally been among the most loyal policyholders. LexisNexis examined shoppers in this group who had gone more than a decade without comparing policies.

Nearly three-quarters said rates drove them back into the market. About half said a premium increase of 20% or less would be enough to make them shop. Nearly 1 in 5 now plan to compare rates regularly, regardless of what happens to their premium.

If you are retired and drive less, your policy may still be priced as if you commute every day.

Most drivers in the survey compared several quotes before making a choice, and only 15% stopped after a single estimate. If you have not checked your policy since your last renewal, compare quotes and see whether your rate still holds up.