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You are here: Home / News / Auto Insurance Customer Satisfaction Plummets as Rates Surge

Auto Insurance Customer Satisfaction Plummets as Rates Surge

June 13, 2023 By CollisionWeek Editor

J.D. Power finds satisfaction dropped the largest amount in the past 20 years.

Nearly one-third (31%) of U.S. auto insurance customers say they experienced a rate increase during the past year as the industry raises rates an average of 15.5% and insurers continue to fight the forces of record high loss ratios, according to the J.D. Power 2023 U.S. Auto Insurance Study, released today. Auto insurers lost an average of 12 cents on every dollar of premium they collected in 2022—the worst performance in more than 20 years—leaving them few alternatives but to raise rates at the expense of customer

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Filed Under: News Tagged With: Auto Insurance, Customer Satisfaction, J.D. Power

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