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Lower prices help fuel auto insurance satisfaction

Posted On Tue, August 18, 2009

A recent study finds that customers are more satisfied with their auto insurance companies than they have been in five years.

The study from J.D. Power and Associates said that on an average scale of 1,000 points, customers gave their auto insurance company a score of 801. This was said to be 14 points higher than the 2008 survey.

According to the company, reasonable prices were a major contributor to the increased satisfaction, with customers rating their company an average of 32 points higher in that category than they did in 2008. A total of 42 percent of customers reported that their premiums had decreased in 2009, which was apparently twice as many as the 2008 survey.

According to Jeremey Bowler of J.D. Power, there could be a "notable decline in overall customer satisfaction" when and if prices head back upward, although he noted that "such upheaval in the market place creates opportunities for insurers to differentiate themselves and gain a competitive advantage."

Customers in the study also rated their auto insurance company in categories like interaction, policy offerings, claims handling and billing and payment options.

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