QuinStreet study reveals shopping habits and purchasing expectations.
Vertical marketing and media online leader, QuinStreet, Inc., has released a report detailing the outcomes of its auto insurance shopping study that examined the preferences of consumers.
The Insurance Buyer Insight Study identified the most important elements to decision making.
Price was found to be the most influential factor in choosing an auto insurance policy to purchase. This finding was further supported by the answers of the respondents to a question regarding the primary reason that they were comparison shopping for policies. Among them, 65.8 percent said that they were seeking lower rates.
Today’s drivers are clearly seeking ways to help to control their increasing auto insurance premiums. The Bureau of Labor Statistics Consumer Price Index has shown that vehicle coverage rose by 33.3 percent from 2002 to 2011. Furthermore, within the span of the last year in that period, 2010 to 2011, it increased by 3.6 percent.
This was faster than the rate for health care (which rose by 3 percent in that year) and homeowners coverage (which rose by 1.3 percent). Combined with the 3.7 percent increase in food prices, motorists are attempting to cut costs wherever possible, without losing or reducing their coverage.
As quotes from car insurers vary widely, shoppers are comparison shopping to discover where they will be able to receive the same coverage but at a lower price.
The QuinStreet auto insurance analysis of quotes from 17 insurers saw a difference of $1,437 from highest to lowest.
Also included in the study’s findings were that the top shopping concerns for this coverage were:
• Being able to find the lowest possible rates
• Locating trustworthy information
• Being confident that they have adequate coverage
• Accessing strong customer service
• Being able to create a proper coverage package.
The study also determined that 26.3 percent of consumers speak with an insurance agent and 26.2 percent visit the auto insurance company’s website when they are comparison shopping for a new policy. Equally, 70.4 percent expressed a willingness to use a comparison shopping or agency website if it is trustworthy and offers the right policies for the right price.