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.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
