Car insurance purchases are generally down, but more consumers are choosing to switch providers to save money, a new TransUnion study showed. (iStock)
Shopping for auto insurance slowed this year, but many Americans continue to look for new insurance to save money, rather than being asked because of a new car purchase, according to new reports.
The auto insurance purchase rate fell to 11.7% in the third quarter of 2022, down from 11.8% in the previous quarter, according to the Quarterly Auto Insurance LIST Report by J.D. Power in collaboration with TransUnion. And auto insurance purchases declined 3% annually in the second quarter of 2022, according to the Personal Lines Insurance Trends and Perspectives Report by TransUnion.
“While auto insurance purchases are down overall, the percentage of shoppers seeking new auto insurance but not looking to buy a vehicle has also increased,” the TransUnion report said. “In other words, a higher percentage of buyers are doing so driven by price or some other factor unrelated to a change in the car they drive.”
If you’re shopping for auto or home insurance, consider an online marketplace like Credible where you can compare different insurance companies. Visit Credible to find the best car insurance rate for you.
INFLATION LEADS MANY AMERICANS TO USE INSURANCE POLICIES TO SAVE MONEY, SURVEY SAYS
Auto insurance shopping slows in 2022
Contents
- 1 Auto insurance shopping slows in 2022
- 2 Homeowners insurance shopping rates vary by region
- 3 Inflation continues to impact the home and auto insurance industry
- 4 How do I contact all three credit bureaus?
- 5 How do I contact TransUnion directly?
- 6 How do I write a dispute letter to TransUnion?
- 7 How do I get late payments off of my credit report?
The auto insurance business is trending downward due to factors such as high car prices and low inventory as well as rising gas prices and interest rates, according to J. To see also : What happens if you have 2 insurance policies?.D. Power and the TransUnion report.
But even as more consumers seek to lower their insurance premiums, an 11% reduction in new auto insurance purchases by higher-risk consumers has largely dampened overall shopping, according to TransUnion’s report.
“The lack of new vehicle purchases depressed the overall auto insurance business,” said Michelle Jackson, senior director of personal property and casualty insurance in TransUnion’s insurance business. “Even with the influx of consumers shopping their car insurance as premiums rise from industry-wide price increases, this cannot overcome the depressed shopping rates we see from consumers who are not buying new cars, creating a shopping event.”
If you want to save money on your car insurance premiums, visit Credible to compare quotes from multiple insurance companies and find the best option for you without affecting your credit score.
NEW ADDRESS INCREASES AND PRICES FALL, BUT NOT BY MUCH YET
Homeowners insurance shopping rates vary by region
Homeowner purchases were more resilient than auto insurance purchases in the second quarter of 2022, rising 4% annually, according to J. Read also : Cheapest Chicago Car Insurance: Affordable Rates (2022).D. The Power and TransUnion Study.
The slight increase in home insurance purchases was primarily driven by an increase in the South. Home insurance purchases in the region increased by 12% year-on-year in the second quarter.
“We continue to see interest in moving to sunnier environments, which has led to increased homeowners insurance purchases in states like Florida and Texas, which ironically are states that are more prone to extreme weather and more expensive to insure,” Jackson said. in a press release.
If you want to save on homeowner’s insurance, you may want to compare different insurance companies to find the company that best suits your needs. Contact Credible to speak with an insurance expert to find the best homeowner’s insurance deal for you.
INFLATION PUSHES CONSUMER CONFIDENCE TO A THREE-MONTH LOW
Inflation continues to impact the home and auto insurance industry
Nearly all Americans, or 95%, say inflation is a concern, and 38% say they are extremely concerned, according to the latest Consumer Pulse Survey by TransUnion. On the same subject : Geico car insurance rates in Illinois increase by 17%.
Experts expect inflation to remain high through 2024, and say the Fed may not reach its 2% inflation target before then, according to the latest forecast from the Mortgage Bankers Association (MBA). The Federal Reserve has recently attempted to lower inflation by raising interest rates, which could cause auto and home insurance premiums to rise in the coming months.
If you’re looking for ways to keep your insurance costs down, you can compare quotes from different companies. Visit Credible to look at different quotes and find one that’s right for you.
Do you have a finance-related question but don’t know who to ask? Email The Credible Money Expert at moneyexpert@credible.com and your question may be answered by Credible in our Money Expert column.
How do I contact all three credit bureaus?
To purchase a copy of your report, contact the nationwide credit bureaus: Equifax:1-800-685-1111; Equifax.com/personal/credit-report-services. Experian: 1-888-397-3742; Experian.com/help. TransUnion: 1-888-909-8872; TransUnion.com/credit-help.
How do I contact TransUnion directly?
If you are a consumer with questions or problems related to your personal credit report, driving history, disputes, fraud, identity theft, credit report freezes or credit monitoring services, please contact our consumer department at 800-916-8800.
What is the fax number for Equifax? 404-885- 8078: Fax number.
Where do I send my documents to TransUnion?
You may send disputes by mail to TransUnion Consumer Solutions, P.O. Box 2000, Chester, PA 19016-2000.
Can you fax to TransUnion?
Recently, Equifax , Experian and TransUnion added a feature to their dispute management system that makes it easier for you to explain your dispute. Now you can upload, mail or fax any supporting documents you have to explain the errors on your credit report.
How do I contact Equifax for disputes?
Please attach a cover sheet with your full name, current address, date of birth and confirmation number relating to your dispute. Call (866) 349-5191 from 8 a.m. to midnight ET, 7 days a week, and a customer service agent can add your bank statement to your Equifax credit report.
What happens when you file a dispute with Equifax?
If you see information on your Equifax credit report that you believe is inaccurate or incomplete, simply file a dispute and we’ll look into it right away. Once you’ve submitted a dispute, we’ll investigate and return your results. If we find that the information on your credit report needs to be updated, don’t worry.
Will a dispute raise my credit score?
Credit bureaus TransUnion®, Experian® and Equifax® encourage you to dispute inaccurate information on your report, so they won’t lower your score for doing so. A successful dispute can increase your score.
Can I fax a dispute to the credit bureaus?
You can also dispute inaccurate information directly on the credit bureau’s website: Equifax.com, Experian.com or TransUnion.com. Each should provide a way to upload, fax or email documentation that supports your dispute, such as a copy of a canceled check that shows you paid on time.
How do I write a dispute letter to TransUnion?
Dispute an item on your TransUnion credit report by mail
- Your name*
- Partial account number for the disputed item (from your credit report)*
- Current address*
- Your TransUnion file number.
- Social security number.
- Date of birth.
- Name of the company that reported the item you are disputing (from your credit report)
How do I get late payments off of my credit report?
If you find a late payment on your credit reports that shouldn’t be there, you can file a dispute and ask the corresponding creditor or credit bureau to remove the inaccurate information.
Can you get multiple late payments removed from your credit report? And late payments can stay on your credit reports for up to seven years. If you find a late payment on your credit reports that shouldn’t be there, you can file a dispute and ask the corresponding creditor or credit bureau to remove the inaccurate information.
How do I remove multiple late payments?
The process is simple: just write a letter to your creditor explaining why you paid late. Ask them to forgive the late payment and assure them it won’t happen again. If they agree to forgive the late payment, your creditor will adjust your credit report accordingly.
What is the 609 loophole?
“The 609 loophole is part of the Fair Credit Reporting Act that says if something is wrong on your credit report, you have the right to write a letter disputing it,” said Robin Saks Frankel, a personal finance expert at Forbes Advisor.
Do 609 dispute letters work?
There’s no evidence to suggest that a 609 letter is any more or less effective than the regular process of disputing an error on your credit report—it’s just another method of gathering information and seeking verification of the report’s accuracy. If disputes are successful, the credit bureaus can remove the negative item.
Can late payments be removed before 7 years?
Even if you repay overdue bills, the late payment won’t fall off your credit report until after seven years. And no matter how late your payment is, say 30 days versus 60 days, it will still take seven years to get off.
Do 609 dispute letters work?
There’s no evidence to suggest that a 609 letter is any more or less effective than the regular process of disputing an error on your credit report—it’s just another method of gathering information and seeking verification of the report’s accuracy. If disputes are successful, the credit bureaus can remove the negative item.
What is the 609 loophole?
“The 609 loophole is part of the Fair Credit Reporting Act that says if something is wrong on your credit report, you have the right to write a letter disputing it,” said Robin Saks Frankel, a personal finance expert at Forbes Advisor.
How much will my credit score increase if late payments are removed?
Late Payments: 5-60 Points â One 30-day late payment that falls out of your account after seven years will have minimal effect, while a 60 or 90-day late payment that is removed immediately will have a very noticeable positive effect.
Will my credit score go back up after a late payment?
According to FICO, depending on how high your credit score started, it can take between nine months and three years for your score to fully recover after a 30-day late payment. For a 90-day late payment, it can take between nine months and seven years.
Can you erase late payments removed from credit report?
If there are late payment errors on your credit reports, you can file a dispute with the creditor or the corresponding credit bureau to try to get the flag removed. But if the late payment is correct, you should know that you probably won’t be able to get rid of the derogatory mark before the time.
Can you have a 700 credit score with late payments?
It can also characterize a longer credit history with a few mistakes along the way, such as occasional late or missed payments, or a tendency toward relatively high credit utilization rates. Late payments (30 days past due) appear on the credit reports of 33% of people with FICO® scores of 700.