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- The car insurance industry provided over $10 billion in rebates and discounts to consumers as a result of the coronavirus pandemic.
- Despite the discounts, customer satisfaction with car insurance providers is low.
- Many customers indicate a likelihood of switching carriers as they were unaware of the discounts and rebates being offered.
- Reach out to your insurance agents and providers to see if additional discounts are being offered.
- See our picks for the best affordable car insurance companies for 2020 »
During the coronavirus pandemic, the auto insurance industry has offered over $10 billion in rebates on premiums for policyholders. But after all the rebates and discounts offered, customer satisfaction with car insurance providers has fallen, according to a study by J.D. Power Insurance Intelligence.
Most people only think about insurance when they need it. As a result, reads the study, “one of the biggest drivers of that decline in satisfaction is a general lack of awareness among customers” — that is, once people who had never really called their insurance companies started dealing with them during the pandemic, those customers were unhappy with the experience. The J.D. Power study found customers want “some level of personalization in every interaction,” and they weren’t getting it.
The study found that as the pandemic worsened, so did customer satisfaction. Most customers said they never even received information about the COVID-19 related rebates.
The study found that historically, customer satisfaction with car insurance providers is usually around 88% and a good indicator of loyalty and retention. In March 2020, before the COVID-19 lockdown, customer