Hit the Road for Less: Experian Survey Shows That 42 Percent of Consumers Are Approaching Summer Road Trips With Frugality in Mind

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As consumers plan for summer vacations amid high costs, they can find ways to keep more money in their wallets with a variety of Experian’s financial tools

COSTA MESA, Calif.--(BUSINESS WIRE)-- While many Americansi are planning to travel and take a road trip this summer, inflation and high costs on essentials may put a damper on their fun in the sun. Some expenses like gas have cooled, but others have increased, with automotive insurance leading the way climbing more than 20 percentii in the last year. To help consumers with their overall financial health, Experian offers free cost-cutting tools including the Experian insurance marketplace that could save consumers more than $1,100iii on an auto and home insurance policy bundle, or more than $800iv on an automotive insurance policy alone.

Don’t let expenses make a dent in your finances

An Experian surveyv shows that 71 percent of consumers surveyed feel inflation has impacted their road trip plans, while a majority of respondents believe gas and accommodations will be their biggest costs. Those surveyed plan to spend an average of $1,000 on their road trip.

“There are many expenses to consider when planning a vacation and every penny counts. We want to help consumers achieve their financial goals whether it’s managing debt, increasing their FICO® Scorevi, or saving money for that dream vacation,” said Rod Griffin, senior director of Public Education and Advocacy for Experian.

A major car expense to keep in mind is auto insurance, and consumers should make sure they have the right insurance for their travels and for the long-term. In fact, 3 out of 4 consumers surveyed by Experian are worried about insurance rates increasing in the next 12 months, while almost a third of respondents plan on switching carriers in the next six months. Among survey respondents who are currently shopping for auto insurance, 14 percent reside in Texas and 11 percent are in Florida.

Plan a savings pit stop

Consumers don’t need to leave money in the rearview mirror. They can sit back and let Experian look for ways to find cost savings as well as get access to other resources to improve their financial health with an Experian membership. A few of these strategies include:

  • Shopping around for auto insurance: Experian’s insurance marketplace takes the time and hassle out of car insurance shopping and can potentially find a better rate on consumers’ current policy in minutes. Experian’s free service delivers multiple rates from up to 40 top providers, allowing consumers to quickly and easily find auto insurance that meets their needs while helping them save money.
  • Tapping into travel reward points: Consumers looking for a credit card with certain terms and benefits, like cash back offers or travel rewards, can find the right card with Experian’s free credit card marketplace. The marketplace leverages a consumer’s financial information against lenders’ requirements to present tailored offers.

Whether you’re a seasoned explorer or planning your first getaway, join the weekly Experian #CreditChat on X every Wednesday at 3 p.m. ET to learn savvy tips, budget-friendly hacks, and insider secrets to make your summer travels unforgettable without breaking the bank.

Visit our Ask Experian blog for more road trip money-saving tips here.

To learn more about Experian’s insurance marketplace and other money-saving tools, go to www.experian.com.

About Experian

Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software. We also assist millions of people to realize their financial goals and help them to save time and money.

We operate across a range of markets, from financial services to healthcare, automotive, agrifinance, insurance, and many more industry segments.

We invest in talented people and new advanced technologies to unlock the power of data and innovate. As a FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 22,500 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at experianplc.com.

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Summer Travel Survey 2024, The Vacationer

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Consumer Price Index, U.S. Bureau of Labor Statistics, February 2024

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Results will vary and some may not see savings. Average savings of $1,137 per year for customers who switched multiple policies and saved with Experian from Jan. 1, 2022 to Mar. 31, 2024. Savings based on customers’ self-reported prior premium.

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Results will vary and some may not see savings. Average savings of $828 per year for customers who switched and saved with Experian from Jan. 1, 2022 to Mar. 31, 2024. Savings based on customers’ self-reported prior premium.  Experian offers insurance from a network of top-rated insurance companies through its licensed subsidiary, Gabi Personal Insurance Agency, Inc.

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Experian survey, May 2024

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Credit score calculated based on FICO® Score 8 model. Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether. Learn more.

 

Sandra Bernardo 949 529 7550 Sandra.Bernardo@experian.com

Source: Experian

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