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Wednesday, 13 January 2021 16:22

Almost 39% of Americans Reduced or Eliminated Insurance Coverage in 2020: Survey

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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. 

 

Key findings: 

 

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...


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