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Millennials increasingly satisfied with auto claims

Posted on Wednesday, October 28, 2015 at 9:55:41 AM

Millennials, also called Gen Y, are growing more satisfied with the claims filing process following an automobile accident. Whereas millennials represented 28 percent of the claims-filing population in 2014, they are now 33 percent of the crowd, with a satisfaction rating of 827 on a 1,000-point scale, according to a recent press release from J.D. Power.

Areas of satisfaction measured in the study included the first notice of loss, appraisal and settlement, among other factors. Satisfaction ratings of Gen X customers improved across the board to 855. Pre-Boomers, or those born before 1946, were the most satisfied claimants, with an 894 rating. Mark Garrett, J.D. Power's director of insurance industry analytics, noted that the claims process has improved out of necessity, since "Gen Y is the only generation of auto insurance customers that is growing."

Gen Y buyers are also the most likely generation to lease a new vehicle. Edmunds released a study earlier this year that reported millennials accounted for nearly 29 percent of all leased new car purchases in 2015. They have been taking advantage of generous auto financing options to begin driving bigger and more upscale vehicles that would not be as affordable without supplemental plans.