Are you shopping around to find the best pr💖ice for auto insurance? You’re notꩵ alone.

More people are searching for insurance than they have been since 2020, according to a new report by J.D. Power. Drivers shopped around at a rate of 13.3% in the second quarter— the highest it has been in the four years the consumer data company has tracked the measure.

It is evident why consumers are on the hunt—auto insurance has risen by 19.5% over the past year, according to the latest Consumer Price Index report. Auto insurance rates have been rising since May 2022 and as inflation continues to squeeze budgets, many are looking for cheaper options.

“They're struggling with ‘Do I pay the auto insurance bill?’ or ‘Do I pay the note on the car?’ or ‘Do I pay the rent?’ or ‘Do I buy groceries?’” said Stephen Crewdson, Senior Director of Insurance Intelligence for J.D. Power .”They're making those kinds of tough decisions as of late, and that's what's driving people to shop.”

Why is Auto Insurance Higher Than Ever?

More incidents and higher auto repair costs have driven up auto insurance rates, according to State Farm.

In 2020, the pandemic kept drivers ⛄off the road. As people went back to work, more drivers on the road increased car accidents and injuries.

Inflation is also increasing the cost of car parts and repairs. The cost of auto repairs has increased by 6.7% compared to last year and by 43% compared to the same time in 2020, according to the latest CPI report. This in♛crease in cost has forced many drivers to seek out automotive repair lenders. 🍌Insurers are often passing those increased costs along to drivers in the form of higher rates.

Another driver of rates is the large increase in used car values in 2022, which forced insurance companies to pay more for accidents. Companies had to dole out more compensation than ever before, Crewdson said, and they are now trying to recove🍌r those costs by increasing prices for customers.

Can Drivers Get Cheaper Coverage?

Drivers may not be finding much price difference as they look at qu🌠otes. While more people are switching auto insurance providers than in years prior, that number has remained consistent throughout the year, which Crew♒dson said indicates a lack of options.

Those who aren't finding discounts from other insurers are raising their deductibles and lowering their coverage limits through their current provider.

Many are testing ▨out usage-based insurance, where the insurer watches people’s driving behaviors to determine if they might receive a discount, Crewdson said. J.D. Power has also seen more people driving without insurance as they try to afford their everyday bills.

On the bright side, Crewdson predic𓃲ts that insurance rates will go down by the end of the year 🅷or the beginning of next year.

In the meantime, he said that going uninsured may cost you more money than having insurance. Some of the respondents of the J.D. Power survey have sold one of their cars for lower insurance rates. Crewdson recommends that drivers look for additional discounts and see if they can change their deductibles or coverage for a lower auto insurance bill.