05 Oct, 2022, 10:01 ET
NEW YORK, Oct. 5, 2022 /PRNewswire/ -- In spite of high inflation and increasing costs, most Americans would rather pay more for insurance coverage than use data-monitoring devices that can yield discounts, according to an annual survey from Policygenius.
The survey found Americans are increasingly feeling this way, with 68% of Americans saying they would not install an app that collects driving behavior or location data for any insurance discount amount, compared to 58% in 2021 — an increase of 10 percentage points. Of those willing to download a data-collecting app, 67% said they would only do so if their rates were lowered by more than half.
Similarly, 65% of Americans believe no discount is worth installing a smart home device, like a doorbell camera, water sensor, or smart thermostat, if these devices shared data with their insurance companies, compared to 57% in 2021.
"Although policyholders can often get lower insurance rates by agreeing to share personal information about their daily activities with their insurance providers, it's clear consumers are overwhelmingly uncomfortable allowing data-sharing devices into their everyday lives," Andrew Hurst, licensed property and casualty insurance expert at Policygenius, said. "For consumers who are seeking a way to reduce their costs without sharing their data, shopping the market with an independent broker continues to be an excellent way to save on insurance."
Other findings from the second annual Policygenius Home & Auto Insurance Technology Survey include:
- 68% of Americans would not install a live dashboard camera for any insurance discount amount. Of those who said they would install a dashcam, nearly three-quarters (74%) said they would only do it if it cut their bill by at least half.
- 77% of Americans would not install a smart doorbell camera that shares facial recognition data with third parties for any home or renters insurance discount amount, compared to 67% in 2021. Of the 23% willing to install smart doorbell cameras, 68% of people would only do so if the cost of their home insurance was cut at least in half.
- Of the 35% of homeowners and renters willing to install smart home devices for insurance discounts, 69% would only do it for a discount of half their bill or more.
Policygenius commissioned Google Surveys to poll a nationally representative sample of 1,500 home, auto, or renters insurance policyholders aged 25 and older, from July 18, 2022 to Aug. 10, 2022. The average margin of error for 2022 responses is +/- 5.5%. For 2021 data, it is +/- 3.2%. You can see more data and the full methodology in the Policygenius 2022 Home & Auto Insurance Technology Survey.
Policygenius transforms the insurance journey for today's consumer, providing a one-stop platform where customers can compare options from top insurance carriers, get unbiased expert advice, buy policies, and manage their insurance portfolio, in one seamless, integrated experience. Our proprietary technology platform integrates with the leading life, disability, and home and auto insurance carriers and delivers an exceptional digital experience for both consumers and insurance carriers. Since 2014, our content, digital tools, and experts have served as a resource for millions of people on their insurance journey, and we have sold more than $170 billion in coverage. To receive Policygenius announcements, email [email protected].
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