Auto customers shopping for policies ‘like they shop for gas’

Auto insurance costs increased 14.5% in February 2023, J.D. Power reports. (Credit: NATHAPHAT NAMPIX/Adobe Stock)

Auto insurance satisfaction rates remain unchanged from a year ago, but more customers are shopping for coverage, says the recently released J.D. Power 2023 U.S. Insurance Shopping Study. The 30-day average shopping rate for March 2023 was 13.1%, which is the highest rate since June 2021. The switch-rate for March trended similarly, with a 30-day average rate of 4.1% compared to the 3.4% average in 2021.

Price seems to be the biggest driver behind auto insurance shopping, with auto rates increasing 14.5% in February 2023, J.D. Power reports. Among those customers who are shopping for policies due to the cost of premiums, 44% say they are price-checking and 42% say they were led to shop by a rate increase. Additionally, 41% of customers who said a premium increase led them to shop reported their rate had jumped by at least 20%.