More than a third of respondents to a recent survey in the United States say they spent more on insurance over the past year, the majority as a result of higher premiums.
Of the respondents taking part in the survey, conducted by Princeton Survey Research Associates International, 37% spent more on insurance in the past year, 52% spent the same amount, 7% spent less and 4% did not know/refused to answer, indicate findings released this week by Bankrate Inc., a publisher, aggregator and distributor of personal finance content on the Internet.
In all, 1,003 adults living in the continental United States were surveyed by telephone and interviews conducted between Jan. 3-6.
Of the respondents who spent more on insurance over the past year, 62% report that spending increased with higher premiums. The next most popular response was because they bought a new home, car, boat or recreational vehicle (12%), notes the company statement.
Results reflect total spending on all types of insurance, including auto, homeowners, renters, health and life.
“Consumers shouldn’t accept rising insurance premiums without a fight,” argues Doug Whiteman, an insurance analyst for Bankrate.com. “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,” Whiteman advises.