Auto Insurance Premiums Continue to Rise
September 8, 2003
Filed under Trailer News
Automotive insurance premiums show no sign of leveling off as rates
increased an average of 13 percent since 2002, according to the J.D.
Power and Associates 2003 National Auto Insurance Study.
Despite increasing costs, customer satisfaction with auto
insurance providers has stabilized after a two-year slide. Customers
report spending an average of $1,190 annually in auto insurance premiums
in 2003 — up from $1,050 in 2002. Since 2000, customer-reported
insurance premiums have increased an average of 32 percent.
Among auto insurance providers, Amica Mutual ranked highest in
overall auto insurance customer satisfaction for the fourth consecutive
year. Amica achieves the top scores in each of the eight drivers of
overall satisfaction (in order of importance): doing business with
insurer, fulfilling commitments, ease of working with insurer, claims,
billing, personnel, price, and problem resolution.
The Automobile Club of Southern California, Erie Insurance Group
and State Farm follow Amica in the rankings, respectively. Nationwide
is the most improved provider in the study, moving up nine positions
over 2002 to round out the top five. USAA, an insurance provider open
only to the U.S. military community and their families, and therefore
not included in the rankings, achieved a higher satisfaction score than