Due to the pandemic, unemployment rates skyrocketed in 2020 to astounding levels, forcing many Americans to struggle to make ends meet.
As a result, when looking to cut costs, though 26% said that insurance would never be trimmed from their budgets, others had no choice but to cut or eliminate insurance coverage altogether.
ValuePenguin's most recent survey found almost 39% of Americans had to reduce or eliminate insurance costs to help them save money or because they found themselves unemployed.
Almost four in 10 Americans cut back on insurance coverage in 2020, primarily to save money. That number jumps to 65% of those laid off or furloughed due to the coronavirus pandemic.
Health insurance was the most common policy consumers decreased coverage for or eliminated altogether, followed by auto insurance and...