“Millennials” is a term describing the generation of people who began reaching adulthood around the year 2000. Current research indicates millennials are the most underinsured age group alive in the modern day, and much speculation has been made as to why this is the case. The insurance experts at American Tri-Star discuss a few common reasons why millennials decide to forgo certain types of insurance.
1. They Feel Invincible
Many young people today skip out on purchasing Chula Vista health insurance because they feel healthy and don’t seriously consider the possibility of accidents or changes in health. In fact, evidence shows some millennials believe health insurance is unnecessary because their healthcare needs can be met outside of the realm of traditional medical practice. According to a study conducted in 2016 by the Transamerica Center for Health Studies, 27 percent of millennials rely on the Internet for healthcare information, and many rely on their families for this same information.
2. They Feel Secure
Though millennials make up the largest group of Americans who rent property, most of them do not have renters insurance. According to a 2016 study conducted by Princeton Survey Research Associates International, 61 percent of these uninsured renters claim they feel their property is secure enough to do without renters insurance.
3. They’re Concerned They Can’t Afford It
The Transamerica Center for Health Studies also discovered 1 in 5 millennials claim they are unable to afford routine health care expenses. Many forgo health insurance for this reason. As a result, uninsured millennials often avoid professional healthcare altogether. Of those who are uninsured, 68 percent are also unemployed.
4. They’re Misinformed About Their Options
Research shows many millennials would rather dedicate time to learning how to prevent disease instead of looking into available health insurance options. The Transamerica Center for Health Studies reports only 37 percent of millennials claim they have comparison shopped for health insurance.
5. They Don’t Think They Need It
We now see many millennials forgoing auto insurance simply because they don’t own cars. A study conducted in 2016 by the University of Michigan found a steady decrease in the number of licensed drivers in the U.S., especially among those in their 20s. Many Chula Vista auto insurance providers are adapting to this trend by offering “pay by the mile” insurance policies for those who rarely drive, yet still recognize their need for insurance.
If you are part of the millennial generation and are on the fence about purchasing a particular type of insurance, get in touch with American Tri-Star and we can help you find a policy that best suits your individual needs. We are a leading provider of auto and health insurance, and we also offer affordable motorcycle, commercial, and homeowners insurance in Chula Vista. Give us a call today at 619-827-0522 to learn more.