The harsh economic climate is imbuing a newfound sense of frugality in insurance consumers, according to a new study by the Malvern, Pa.-based Insurance Research Council (IRC).

The IRC study, based on 1,000 telephone interviews conducted with adults, found 28% of those surveyed reporting they are currently shopping for lower auto insurance coverage rates when they previously would not have done so. What’s more, the scrimping did not stop with comparison shopping, as 15% of respondents with auto or homeowners insurance indicated they had increased their insurance deductibles or reduced the amount of coverage in order to reduce costs.

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