Growth in auto insurance premiums during March and April pushed auto insurance shopping rates back up to historic norms after a slow start to 2022, according to J.D. Power. Overall customer satisfaction among auto insurance policyholders fell six points to 862 (1,000-point scale) with six of the nine largest insurers and 6 in 11 midsize insurers seeing drops.
More than half of policyholders said they shopped around to check prices, while 35% said rate increases made them consider changing car insurers. Among those looking for a new policy because of a rate increase, 64% said their current auto insurance costs increased 11% or more.
The dramatic rise in used vehicle pricing from 2021 is continuing to impact the market, according to J.D. Power, as replacement and repair costs were pushed into "uncharted territory."
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
