According to the J.D. Power 2015 U.S. Insurance ShoppingStudy, many auto insurance customers are shopping fora new insurer, but surprisingly few are actually switchingproviders.
Auto insurers increased rates by an average of 2.1% nationwidein 2014, following an increase of 2.5% in 2013. Those rate hikesare contributing to customers shopping for a betterdeal. However, while more customers are shopping for a newinsurer—39% in 2014 compared with 32% in 2013—only 29% actuallyswitched in 2014, compared with 37% in 2013.
Below, a summary of the findings from J.D. Power.Click image to enlarge.
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Shawn Moynihan
Shawn Moynihan is Editor-in-Chief of National Underwriter Property & Casualty. A St. John’s University alum, Moynihan has earned 11 Jesse H. Neal Awards, the Pulitzers of the business press; seven Azbee Awards, from the American Society of Business Press Editors; two Folio Awards; and a SABEW award, from the Society of American Business Editors & Writers. Prior to joining ALM, he served as Managing Editor/Online Editor of journalism institution Editor & Publisher, the trade bible of the newspaper industry. Moynihan also has held editorial positions with AOL, Metro New York, and Newhouse Newspapers. He can be reached at [email protected].
