According to the latest J.D. Power 2024 U.S. Auto Insurance Study, despite insurance premium rate increases in the U.S. being up by 11.2 percent on average in the past year, customers who express a high level of trust in their insurers also say they're satisfied with them.
What does “trust” in this context mean? The study doesn’t amplify on the definitions, except to say, vaguely, that it's about companies “who come through when they are needed.” We’d suggest honesty and fairness in dealing with claims are key elements, and Power says that in these days of skyrocketing premiums, it’s also about customers who “manage expectations … who fully understand the reasons for that increase and expect the increase.
The findings indicate that trust varies by region: The lowest trust scores are in regions with the largest proportion of insurer rate increases. Florida, where the incidence of rate increases is highest, also has the highest percentage of customers with low levels of trust. The U.S. Auto Insurance Study, now in its 25th year, was redesigned for 2024. It measures customer satisfaction with auto insurers in seven categories: level of trust; price for coverage; people; ease of doing business; product/coverage offerings; problem resolution; and digital channels.