The car insurers with the highest satisfaction ratings
Contentment has been rising in recent years.
The latest research indicates most Australian drivers are pleased with their car insurance provider, returning higher satisfaction ratings than three years ago and signalling that they would likely renew their existing policies with the same company.
A new survey by Roy Morgan Research found that in the year to September 2016, satisfaction among motor vehicle insurance policy holders was 82.1%, up 2% on the same period in 2013 and significantly higher than a decade ago (74.1% in 2006).
As can be seen in the infographic below, the insurance company with the highest levels of customer satisfaction in 2015/16 was RACT, satisfying 95.9% of policyholders, up 6.7% since 2013. RACT also had one of the greatest proportions of "very satisfied" customers (53.5%), second only to Shannons (54.1%).
APIA car insurance achieved the next highest satisfaction ranking behind RACT, appeasing 91% of its customers, up 3.7% on the same period in 2013.
Despite possessing the highest proportion of "very satisfied" customers, Shannons ranked third in terms of overall satisfaction and was one of only five companies to suffer a reduction in satisfaction over the last three years, down 0.5% since 2013.
RACT (+6.7%), CGU (+5.1%), RACQ (+5.1%) and RACV (+4.1%) enjoyed the highest gains in overall satisfaction between 2013 and 2016, while QBE (-3.2%), Suncorp (-1.5%), YOUI (-0.5%), Coles (-0.5%) and Shannons (-0.5%) incurred losses.
The overwhelming majority (96.8%) of customers agreed they were "fairly likely" to renew their policies with the same provider.
RACT had the highest proportion of customers indicating they were "extremely likely" to renew (59.5%), followed by Shannons (45%) and APIA (40.1%).
While satisfaction among policyholders is at an incredibly high level, the sale of add-on insurance products through car dealers has come under scrutiny in recent months.