Even though auto insurance rates are up nationwide, loyal car-insurance customers tend to stick with their insurers, according to the J.D. Power 2024 U.S. Auto Insurance Study. When insureds are loyal to their insurance carriers, customer satisfaction and brand advocacy outweigh price-increase frustration, researchers determined. That's good news for insurers, who are feeling pinched in several ways this year. "Auto insurers are in a tough position right now," Breanne Armstrong, director of global insurance intelligence at J.D. Power, said in a press release about the 2024 U.S. Auto Insurance Study. "With repair costs still rising — and with more than 20% of vehicles involved in collisions now considered total write-offs — insurers are still losing money, despite passing along huge price increases to their customers. What's interesting in J.D. Power data is that even though high premiums negatively affect customer satisfaction, those negative influences can be offset by high levels of trust that insurers will come through when they are needed." The J.D. Power study surveyed average customer satisfaction with car-insurance carriers. The slideshow above illustrates the insurers who scored the highest for happy customers in each region of the U.S. See also: |
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Elana Ashanti Jefferson
Elana Ashanti Jefferson serves as ALM's PropertyCasualty360 Group Chief Editor. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
