05/30/2026
"Key Points:
-Despite facing higher premiums, only 55% of affected policyholders shopped for new insurance.'
-Almost four in ten (38%) active shoppers checked to see if they were currently overpaying, while 33% were motivated by significantly higher premiums at renewal time.
-Friction in the switching process kept many from changing insurers, as 53% said potential savings weren’t worth the hassle and 13% found the process too complicated.
-One in five respondents switched policies. Among those who scored lower rates, 63% saved between $100 and $500 in their first year."
Auto insurance costs are soaring, but only 55% of respondents in SoFi’s Survey said they would switch. Find out when people will change policies.