Americans Are Happy with Their Auto Insurance Companies
Based on five factors used by J.D. Power & Associates, they determined that customer satisfaction is at an all-time high with auto insurance companies. Suzanne Kane of The Car Connection talks about some of the study’s findings in “Customer satisfaction with auto insurance at all-time high: J.D Power.” The five things researched in the 2012 U.S. Auto Insurance Study were price, billing, claims process, policy choices, and interaction with the auto insurer. The first of this study was administered in 2000, and this year showed the highest customer satisfaction since then.
The satisfaction with price was pretty steady until you added in a significant price increase in auto insurance premiums. Of those surveyed, 1/5 of them had received a price increase in the past year. Customer satisfaction was 8% lower when price increases were above $50 than when they were below $50. J.D. Power found that if insurance companies were up front with customers before a price increase and gave them alternatives to help change their pricing, satisfaction would not decrease as much.
Seven different regions were researched and ranked in the J.D. Power study. The California Region’s highest ranking auto insurance company is Wawanesa. State Farm ranked highest in the West Region. The Texas Farm Bureau is the highest rated insurer in the Central Region and in the Southeast Region, it is the Farm Bureau Insurance Tennessee. There is a tie in the North Central Region between State Farm and Auto-Owners Insurance. Amica Mutual is the highest rated insurance company in the Northeast Region. Finally, Erie Insurance took the top spot in the Mid-Atlantic Region.
Tags: auto insurance companies, Auto Insurance Premiums, Erie Insurance
