Study: Consumers Satisfied With Car Insurance Companies

Man in suit pointing angrily at phoneConsumers rated auto insurance providers highly in the last year, according to a study by business consulting group Market Force Information that involved 2,800 respondents.

The group said one of the main factors in customer satisfaction was the speed at which companies settled claims.

“Of the 18 percent of survey respondents who reported filing a claim with their auto insurance provider in the past year, 85 percent said they were satisfied with the way the claim was processed,” the consulting firm said.

Price was the main factor for 59 percent of respondents in deciding which company to choose. Furthermore, being able to get more than just car insurance coverage from a provider was also important for 27 percent of those polled.

Recommendations from friends and the financial standing of auto insurance companies also played into the decision-making process.

There were, however, some respondents who said something caused them to switch providers in the last year. Of the 10 percent who said they went to another company, one-quarter said it was because they were dissatisfied with their provider’s service. Meanwhile, one-fifth said it was because of new fees or rules.

The majority (74 percent) of consumers who changed companies went to a provider who offered better pricing, Market Force Information said.

About John Pirro
John Pirro is a licensed fire and casualty insurance agent specializing in various aspects of the auto insurance industry. He worked in the auto body repair industry before taking a reporting position at Online Auto Insurance News.

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