The average cost for a personal auto insurance policy was up slightly more than 22% at the end of February 2024, pushing 49% of U.S. policyholders to seek quotes from a different carrier, according to J.D. Power.
While nearly half of auto policyholders are actively shopping around, just 29% switched carriers. J.D. Power reported that Gen Z drivers were the most likely to switch insurance providers.
Additionally, customer satisfaction with auto insurance companies has hit a lull and this is moving some policyholders to seek out new coverage, the data analytics and consumer research company reported.
Continue Reading for Free
Register and gain access to:
- 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
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
