Factors driving the intention to repurchase personal auto insurance in Vietnam: The role of satisfaction and perceived risk

Type of the article: Research ArticleAbstractThis study investigates the key factors that shape individuals’ decisions to repurchase voluntary personal auto insurance, with particular attention to the mediating effect of customer satisfaction and the moderating role of perceived risk. Drawing upon the theory of planned behavior, perceived risk theory, and expectation-confirmation theory, the study employs a structured face-to-face survey conducted between January and April 2025 among 496 voluntary personal auto insurance policyholders in the Southeast region of Vietnam. Respondents were randomly selected from customers who had renewed their policies at least once, ensuring that the sample represented active policyholders with actual repurchase experience. Data were analyzed using partial least squares structural equation modeling (PLS-SEM) to examine the hypothesized relationships. The analysis reveals that customer satisfaction is a critical driver of repurchase intention, acting both independently and through mediators such as brand image, subjective knowledge, and perceived value. Additional factors, namely price sensitivity and perceived behavioral control, also show positive effects on repurchasing behavior. Interestingly, perceived service quality does not significantly influence repurchase intention, indicating a potential shift in consumer expectations within digital insurance environments. Furthermore, the study finds that perceived risk mitigates the strength of the satisfaction-repurchase link, suggesting that even satisfied clients may hesitate to renew when uncertainty is high. The results contribute to theoretical models of post-purchase behavior and provide practical implications for insurers seeking to enhance customer loyalty through improved satisfaction, trust, and risk communication.AcknowledgmentThis research was conducted as part of the doctoral dissertation approved by Decision No. 1218/QD-DHNCT on December 14, 2023, by Nam Can Tho University, Vietnam. The authors express their gratitude to the reviewers and editor-in-chief for their valuable assistance in preparing this study.