TREE - Almost 39% of Americans Say They Reduced or Eliminated Insurance Coverage in 2020 According to ValuePenguin.com Survey

63% of the Americans who cut or eliminated insurance regret doing so.

PR Newswire

NEW YORK , Jan. 13, 2021 /PRNewswire/ -- 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 although 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 that 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 that consumers decreased coverage for or eliminated altogether, followed by auto insurance and dental insurance . Forty-two percent of women who eliminated or decreased their insurance coverage said they couldn't afford it, compared with 23% of men.
• Of those who eliminated or decreased their insurance, most are putting that money toward groceries (27%), savings (23%) and debt payments (21%), as well as monthly housing costs (15%) .
• Sixty-three percent of those who reduced insurance coverage in 2020 regretted doing so , and more than half expect to restore their coverage level at some point in the future.
• Although insurance is costly (about one in five respondents said they spend $500 or more on monthly premiums), not having insurance can be expensive, too . For example, 58% of respondents don't have dental insurance, which means they could be facing a big out-of-pocket bill should they have a tooth-related emergency.

View full report: Americans Cut Insurance Coverage

About ValuePenguin.com: ValuePenguin.com, part of LendingTree (NASDAQ: TREE), is a personal finance website that conducts in-depth research and provides objective analysis to help guide consumers to the best financial decisions. ValuePenguin focuses on value, assessing whether the return of a particular decision is worth the cost or risk of that option, and how this stacks up with the other possible choices they may have. For more information, please visit www.valuepenguin.com , like our Facebook page, or follow us on Twitter @ValuePenguin.

Media Contact:
Nadia Gonzalez (Mrs.)
Nadia@LendingTreeNews.com

SOURCE ValuePenguin.com