Fewer auto-insurance consumers are shopping their coverage today, but those who do shop seem more willing to switch providers than in past years thanks to competitive quotes, says J.D. Power and Associates.

In its 2012 U.S. Insurance Shopping Survey, J.D. Power says 25 percent of consumers shopped for a new auto insurer in the last 12 months, the lowest figure in the past five years and an 8 percent decline from last year's survey.

Jeremy Bowler, J.D. Power's senior director of the global insurance practice, says in a statement that customer-retention rates are increasing at a time when auto insurers are spending more money to encourage switching. He notes that advertising expenditures increased 12 percent in 2011 compared to 2010.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.