found that 31% of auto insurance customers in the U.S. have seen their rates increase over the last year. Average pricing has climbed 15.5%, thoughnotes that insurance companies lost an average of $0.12 for every dollar they collected from drivers last year. The organization’s rating system scores customer satisfaction on a 1,000-point scale, and this year’s results showed a 12-point decline in satisfaction, the largest in 20 years.
Such pricing programs have grown in popularity, more than doubling participation numbers since 2016 and drawing 17% of insurance customers. That said, UBI has come with some hassles for insurers, including data privacyThe hit to customer satisfaction is linked to how large a price increase they experienced.found a significant difference between customers that saw a small increase of $50 and those who had increases of $300 or more.