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34% of Americans Having Tough Time Paying for Auto Insurance

  • Auto Insurance
  • Jeannie Assimos
  • 3 minutes

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FREMONT, CA (August 23, 2022) Way.com is revealing the insights from its insurance survey conducted earlier this month. The #1 auto super app and leading fintech platform for car ownership gathered data from 1,000 participants to dig deeper into how the current state of the economy is affecting drivers.

Most notably, the survey revealed that 34% of people are having a hard time affording insurance, and 33% have noticed an increase in rates. Over 34% stated they are paying $200+ per month with their current policies.

“We’ve never seen dual inflation like this in the 25 years I’ve been in the industry,” explains Ezra Peterson, Sr. Director of Insurance Sales for Way.com. “Now is the time to shop for better rates and reevaluate your insurance relationships, especially if you’ve been with the same carrier for years.”

With 74% of respondents typically staying with their car insurance carrier for five or more years, many people have not recently evaluated their coverage needs and could be overpaying. Car insurance is not one-size-fits-all. Further, laws on coverage vary from state to state and should be customized based on a specific person’s needs.

Thanks to Way.com’s various partnerships, drivers can choose from over 200 insurance carriers for the best rates and even receive auto refinancing, which can easily save them over $100 per month.

Binu Girija, CEO and Founder of Way.com, adds, “Our goal at Way.com is to be every car owner’s full-service platform, allowing them to save the most money while still protecting their vehicles.” He continues, “Car ownership should be affordable for all Americans.”

To find out more about how Way can simplify and streamline your car ownership journey, download the free app on Google Play or in the App Store

About Way.com

Way.com is the leading vertical platform for the car, where 6.5 million drivers have discovered high-quality car services in one destination. Ranked #48 in a16z’s Marketplace 100: 2021 list of private companies in the world, the team at Way believes car ownership should be affordable for all Americans. The #1 car super app helped customers save millions in 2021 with its tech-forward approach, as they signed up for the best auto insurance and parking rates in-app in seconds. The car services marketplace also offers cash back for gas, the best auto refinance rates, roadside assistance, EV charging locations, and sets customers up with the top-rated car washes across the country. 

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MEDIA CONTACT:   

Taylor DeVries

BLAZE PR

tdevries@blazepr.com

 

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