US Drivers Cutting Back on Car Insurance, Impacting Vehicle Resale Business

US drivers are cutting back on car insurance due to higher costs, with nearly 30% of Americans dropping or downgrading policies in the past year. This has led to a decline in automotive insurance claims, despite increasing vehicle miles driven. Insurance premiums have skyrocketed due to rising repair costs and vehicle complexity, forcing insurers to price policies accordingly. This has affected vehicle salvagers, with Copart's US insurance partner volumes declining 9.5% in Q3 and 2.1% in Q2.