The rate of usage based insurance (UBI) adoption plateaued toward the end of 2022 after seeing a jump in telematics participation at the beginning of the year, according to a survey from TransUnion. (Credit: MasterSergeant/Adobe Stock)
Auto insurance shopping was up to 12.1% across all regions of the United States in the fourth quarter of 2022, according to J.D. Power's latest shopping LIST report. The rate of customers who have actually jumped ship to a new auto insurance carrier in Q4 was 4.1% — up from 3.8% in Q3 2022, and 3.5% a year prior in Q4 2021.
The rate of usage based insurance (UBI) adoption plateaued toward the end of 2022 after a jump in telematics participation at the beginning of the year, according to a survey from TransUnion. Around 60% of customers who were offered UBI options opted in, but more than 40% of those consumers surveyed said they still experienced rate increases, which could have contributed to the leveling of the telematics trend.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
