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Almost 40% of Americans Reduced or Eliminated a Policy in 2020

Around 60% regretted the cost-cutting decision, and more than half plan to restore insurance coverage in the future.

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Employment played a role, as 65% of those that were laid off or furloughed because of the pandemic cut or reduced coverage, according to ValuePenguin. (Credit: Dmitry Kalinovsky/Shutterstock.com) Employment played a role, as 65% of those that were laid off or furloughed because of the pandemic cut or reduced coverage, according to ValuePenguin. (Credit: Dmitry Kalinovsky/Shutterstock.com)

Nearly four in 10 U.S. consumers said they reduced or eliminated insurance coverage this past year as a way to help save money, according to a ValuePenguin.com survey. The most common lines that saw reductions or were cut out completely were healthcare, auto policies and dental, respectively.

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