Nearly One-Third Of Gen Z Steers Clear Of Car Insurance, Survey Finds

A significant share of American drivers have opted to avoid insuring the vehicles they drive amid the rising cost of living and shifting consumer habits, a recent survey finds.

Around 30% of Generation Z — people born between 1997 and 2012 — admitted to owning or driving an uninsured vehicle within the past six months, according to a survey TransUnion published Tuesday. While the reasoning by respondents vary, key factors involve shifting behaviors by consumers as well as the unpredictability of economic outlooks — including effects of the Iran War — making the true costs of car ownership undesirable.

As perhaps the most commonly experienced cost, the average price of a regular gallon of gasoline in the United States was roughly $4.07 at the time of publication, and $0.92 higher than one year ago, according to AAA.

The research was based “almost exclusively” off of TransUnion’s internal data. The global consumer credit reporting agency did not immediately respond to the Daily Caller News Foundation’s request for comment.

“We know affordability is a big challenge for Gen Z, and that certainly helps explain their lapses in coverage,” TransUnion senior director of strategic planning Patrick Foy stated in the report’s accompanying press release. “However, we don’t think that’s the whole story as more indicated that they simply chose not to renew their coverage than were unable to pay.” (Read more from “Nearly One-Third Of Gen Z Steers Clear Of Car Insurance, Survey Finds” HERE)