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Recession has Americans shopping for cheaper auto insurance

Americans pinched by job losses and other economic constraints in the current recession have been looking for ways to save on auto insurance, according to a new study.

A survey sponsored by the Insurance Research Council found that 28 percent of U.S. consumers have reported shopping for a lower auto insurance premium when they would not normally have done so. Another 15 percent said they have sought higher deductibles or reduced coverage to cut their insurance premiums.

Despite these cost-cutting moves, Americans have not decided to forgo auto insurance - and risk violating the law for mandatory coverage. Similarly, Americans are mostly keeping homeowners insurance as well.

Only 9 percent of those surveyed said they had canceled or failed to renew their auto insurance coverage, while 31 percent of those said they had sold their vehicle.

"These findings confirm that most Americans recognize the importance of maintaining essential insurance coverage on their homes and cars," said Elizabeth A. Sprinkel, senior vice president of the IRC, according to Insurance Journal. "But they also show that Americans are willing to shop and reevaluate their insurance needs in order to reduce insurance costs."

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