With the prices of many things rising this year in today’s economy, this news probably won’t come as a surprise. Auto insurance premiums are on the rise in 2022. Bankrate reports that across the country, auto insurers are demanding rate changes – with an average rate increase of about 4.9% according to quoted data from S&P Global Market Intelligence. (Rate changes don’t usually affect everyone equally. Read more about the process in the Bankrate report.)
This brings us to JD Power’s new 2022 study of car insurance in the United States. JD Power researchers say insurers are forced to rease rate – if not go out of business. The researchers cite a number of supporting factors: a record number of serious collisions, soaring prices for used vehicles and soaring repair costs. As a result, the study finds a sharp drop in customer satisfaction with the price of car insurance. Yet overall customer satisfaction remains somewhat at a similar level year over year. Something JD Power attributes to “notable” industry efforts to improve customer engagement.