Tag: US auto insurance industry

Auto insurance dissatisfaction drives usage-based coverage growth

H. Cutner
Auto insurance - Usage-based coverage increasing

About one third of covered US consumers said they had experienced a rate increase in the last year. Across the United States, around one in three drivers with coverage experienced a rate increase within the last year, said a new JD Power 2023 US Auto Insurance Study. This has pushed them to look for new ways to save money on their policies that they might not have tried before. Mainly due to the rising expense associated with covering their vehicles, customer satisfaction with this coverage fell by 12 points to…

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Auto insurance companies could face another wonky year in 2022

H. Cutner
Auto insurance companies - Bumpy Road

According to a recent LexisNexis Risk Solutions report, the industry is showing “signs of revolution”. As 2022 reaches the point that its well underway, new analyses are starting to identify trends suggesting that auto insurance companies could be facing another bumpy ride. The trends appear to indicate that both shopping volatility and increased claims severity will continue. The analysis was conducted by LexisNexis Risk Solutions, which released a report indicating that auto insurance companies and the industry as a whole is facing a critical phase. Both heightened claims severity and…

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This state now has the most expensive car insurance (no, it’s not Michigan)

Marc
Most expensive car insurance - United States Map

A new report has revealed that Michigan has broken its 7-year streak at the top of the high-priced list. Michigan has long been the state in which the drivers have had to face the most expensive car insurance premiums. However, according to the results of a new data analysis published in a report by insure.com, that state has now slipped into second place and a new one has taken the costly lead. As Michigan has stepped down into second place, Louisiana drivers now find themselves paying the most. Louisiana drivers…

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Pandemic-reduced Progressive auto insurance rates are getting hiked

Nordstrom
Progressive auto insurance rates - money

As more drivers head back out onto the road again, the insurer is increasing the cost of coverage again. When the pandemic hit, sending drivers across Illinois home and leaving their cars in their driveways, Progressive auto insurance rates were lowered by about 10 percent. That said, drivers are heading back out again, and their premiums are also starting to rise. The insurer is increasing its rates by 4.2 percent for the majority of its customers in Illinois. The new Progressive auto insurance rates were filed with the Illinois Department…

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The pandemic hasn’t stopped auto insurance claims satisfaction from rising

H. Cutner
Auto insurance claims satisfaction - Woman smiling in car

Consumers continue to be increasingly pleased with the quality of their experience, says JD Power. The pandemic hasn’t stopped steady improvements in auto insurance claims satisfaction from continuing this year. In fact, the reduced number of filings may have contributed to this trend. Fewer claims have given insurers the opportunity to fine tune their customer service. As a result, insurers are able to provide higher quality claims service, leading to improved auto insurance claims satisfaction among customers. The J.D. Power 2020 U.S. Auto Claims Satisfaction Study recorded a 22 percent…

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