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Usage-based auto insurance is driving more consumers to switch

According to the 2021 Q4 report from J.D. Power, consumers are seeking personalized auto insurance experiences.

Because of increasing premiums, consumers across all credit tiers said they were likely to seek personalization of auto-risk programs, like odometer-based mileage reporting and other telematics-based pricing systems. (Credit: metamorworks/Shutterstock.com)

While the number of auto insurance consumers shopping for new companies remained steady through the last quarter of 2021, the number of folks who are switching insurance companies has increased, according to the Q4 Quarterly Shopping LIST (Loyalty Indicators and Shopping Trends) report from J.D. Power.

According to the report, which surveyed 104,000 participants, the top reasons for shopping and switching insurance companies are “related to the value that consumers are seeking due to increasing prices of insurance contrasted with individualized decreasing use of their vehicles.”

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Brittney Meredith-Miller

Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected]

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