New Auto Insurance Study Reveals Buyer Preferences

The Insurance Buyer Insight Study found that price is the #1 concern for buyers of auto insurance, with 65.8 percent of the 878 people polled saying that price was the main factor driving their decision-making. The Consumer Price Index found that auto insurance costs have increased 33.3 percent from 2002 to 2011.

How Much Have Auto Insurance Costs Gone Up?

Last year alone, insurance costs rose 3.6 percent, driving consumers to hit the internet in search of better deals. This rate was faster than medical costs (3 percent) and housing (1.3 percent), and almost on par with escalating food prices (up 3.7 percent). Worse yet, the average auto insurance buyer can end up with a raw deal if he or she does not shop around. The study looked at auto insurance quotes from 17 different carriers over a three-year period and found that the average difference between the lowest and the highest auto quotes is $1,437!

What Else Do People Want In Auto Insurance?

Prices aside, the study also revealed that consumers care about…

  • Finding trustworthy information about a provider,
  • Having confidence they are getting the coverage they need,
  • Being able to design a suitable insurance package, and
  • Accessing great customer service.

Where Can I Get Help Buying Auto Insurance?

Unlike most other shopping choices, consumers said that recommendations from family and friends DID NOT influence their purchase decisions. They also said that “knowing the company from advertisements” did not sway them one way or the other. Instead, it seemed most buyers were using the Internet to arrive at an unbiased solution.

  • 70.4 percent said they would like to use a site that compares quotes and offers reviews before buying coverage.
  • 26 percent said they used an insurance agent or perused auto insurance provider websites before buying last.

For your convenience, we offer free online auto insurance quotes right here, right now.

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