Rate increases due to increasing driving, claim frequency and severity impacting consumer price satisfaction.
A combination of record numbers of miles driven, increased frequency and severity of collisions, and extreme weather has crimped U.S. auto insurer profitability, resulting in rate increases for 26% of customers and a strain on customer satisfaction. According to the J.D. Power 2017 U.S. Auto Insurance Study released today, price satisfaction declined this year, even as other areas of the overall customer experience have improved.
The study finds that the number of customers receiving an annual rate increase of more than $200 per vehicle has more