An overwhelming majority of consumers with auto and homeowners insurance are satisfied with their insurance companies, according to a new public opinion study by the Insurance Research Council (IRC). Ninety-one percent of respondents with auto insurance said that they were either very satisfied (61 percent) or fairly satisfied (30 percent) with their current auto insurer. Eighty-nine percent of homeowners said that they were either very satisfied (56 percent) or fairly satisfied (33 percent) with their homeowners insurance company.
A new study by the Insurance Research Council (IRC) finds that many Americans have taken steps to reduce personal insurance costs in response to the economic downturn, but that maintaining essential auto and homeowners coverage remains a priority for the vast majority of consumers. Twenty-eight percent of those with auto insurance coverage surveyed for the study reported shopping for lower rates when they normally would not have done so. Among those with auto or homeowners insurance, 15 percent said they had increased their insurance deductibles or reduced the amount of coverage in order to reduce premium costs.
The second issue of the Insurance Research Council’s Public Attitude Monitor 2006 (PAM) examines the public's attitudes and opinions on a variety of issues related to natural disasters and how attitudes and opinions differ based on proximity to the Atlantic Ocean or the Gulf of Mexico. Findings show that Americans living in close proximity to the coastline were more likely to favor strong building codes and the rebuilding of coastal wetlands. Coastal residents also were more likely to report taking steps to prepare for future natural disasters. Those living in non-coastal areas were more likely to disapprove of taxpayer and policyholder subsidies of insurance costs for those living in high risk areas.
Insurance Research Council’s Public Attitude Monitor 2006 (PAM) examines the public's perception of vulnerability to natural disasters, actions taken to prepare for the aftermath of disasters, opinions regarding building codes and subsidization of insurance costs, and other issues. Findings show that many Americans believe that a natural disaster is likely to cause harm or property damage to their households sometime in the next five years. The report also indicates that most Americans support the adoption and enforcement of building codes to make new homes stronger and safer. Most Americans do not support government subsidization of insurance costs and do not support subsidization of the cost of insurance in high risk areas by policyholders in low risk areas.
This second issue of the Insurance Research Council’s Public Attitude Monitor 2005 (PAM) examines the public's understanding of the relationship between a deductible and premium. Findings show that more than four in ten Americans who have a homeowners policy do not understand one of the fundamental principles of insurance, specifically that when a deductible increases the amount of the premium decreases. The report also indicates that most Americans find it easy to obtain homeowners insurance that meets their needs and is affordable. Filing a claim within the past five years has a small to negligible effect on the percentage of homeowners who find it easy to obtain insurance.
This first issue of the Insurance Research Council’s Public Attitude Monitor 2005 (PAM) examines public perceptions of the profitability of homeowners insurance. Findings show that the public substantially overestimates insurers’ profits and underestimates the cost of paying claims. The public’s estimates are remarkably consistent across subgroups and geographic areas and have not changed since last assessed in 1998.
This first issue of the Insurance Research Council’s Public Attitude Monitor 2004 (PAM) examines public opinion on issues concerning civil justice reform and, more specifically, public attitudes toward personal injury lawsuits and class action lawsuits.
The fourth issue of the Insurance Research Council's Public Attitude Monitor 2002 (PAM) examines public opinion on several issues related to auto insurance: insurance rates for the youngest and oldest drivers, the use of automatic data recorders in private passenger vehicles, and perceptions of the accuracy of state motor vehicle records (MVRs) of traffic convictions.