According to the J.D. Power 2024 U.S. Insurance Shopping Study,SM released today, that notable increase in premium—combined with lackluster customer satisfaction scores this year—is putting more insurance customers into the market for a new policy than ever before. Nearly half (49%) of U.S. auto insurance customers say they are actively shopping for a new plan.
Tag: auto insurance premiums
Soaring Insurance Costs Hit as U.S. Buyers Get a Break on Car Prices
Car prices have eased as the supply chain snarls of the pandemic–especially shortages of vital computer chips–have untangled and automakers boost inventories on their lots. Meanwhile, factors including rising costs associated with repairing increasingly complicated vehicles and more storm damage amid climate change is pushing insurance rates higher.
USI: Commercial Auto Liability Markets to Seek Rate Increases in 2024
USI predicted flat renewals to rate increases of 5% for accounts with good loss history and a range of 20% to 30% for more troubled accounts.
‘Remarkable’ Surge in Auto Insurance Costs Fans U.S. Inflation
Motor vehicle insurance premiums skyrocketed by 20.3% in December from a year earlier, the largest increase since the mid-1970s, the government data showed.
Allstate Implementing Double-Digit Rate Hikes in California, New York and New Jersey
Allstate Corp. annualized written premiums should rise about $1 billion on strong double-digit auto rate increases approved by regulators in California, New York and New Jersey, according to Chief Financial Officer Jess Merten.
How New York’s Supplemental Spousal Liability Insurance Law Will Impact Personal Auto Policies
A New York law that went into effect on Aug. 1 requires auto insurers to add a new line of coverage — supplemental spousal liability insurance — for all drivers, even those who are unmarried or are buying coverage for a business.
4 Reasons Why Car Insurance Premiums Are Soaring
The cost of auto insurance jumped more than 19% during the year ending in August, while overall inflation was 3.7%, according to the Labor Department Wednesday.
Auto Insurance Shopping Bolstered by Increased Vehicle Sales and Search for Lower Rates
Auto insurance shopping rates were up 12% in Q2 2023, compared to the same time in 2022. While vehicle sales played a role in this increase, the search for lower insurance premiums was the primary driver, as the Consumer Price Index for motor vehicle insurance rose 17% in June 2023, compared to June 2022.
Insurers Are Facing More Than One Kind of Inflation
Inflation comes in many forms, and pretty much all of them are affecting insurers right now.
Auto Insurance: The Uncertain Road Ahead
A new study “Auto Insurance: The Uncertain Road Ahead” released today by the American Property Casualty Insurance Association (APCIA), reveals that insurance claims inflation has continued to rise faster than the underlying consumer price index (CPI), far outpacing increases in auto insurance premiums.