According to the J.D. Power 2015 U.S. Insurance Shopping Study, many auto insurance customers are shopping for a new insurer, but surprisingly few are actually switching providers.
Auto insurers increased rates by an average of 2.1% nationwide in 2014, following an increase of 2.5% in 2013. Those rate hikes are contributing to customers shopping for a better deal. However, while more customers are shopping for a new insurer—39% in 2014 compared with 32% in 2013—only 29% actually switched 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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