2013 Auto Insurance Shopping Report
Event: comScore Whitepaper
The 2013 Online Auto Insurance Shopping Report provides a detailed analysis of overall industry trends in 2012 and the attitudes and intentions of consumers shopping for auto insurance online. In addition, the study reports on the volume of online quote requests and highlights customer preferences on purchasing channels and key factors driving the decision-making process for shoppers.
Key insights from 2013 Auto Insurance Shopping Report include:
- Despite the fact that shopping for auto insurance is slightly down in 2012, with the number of shoppers dipping below 50 percent for the first time in the last five years, consumers that seriously consider switching their auto insurance policy remains relatively flat.
- Respondents are increasingly more open to the idea of purchasing policies online in the future than they were in 2011 and 2012, up 3 percent and 1 percent, respectively. Sixty-seven percent of respondents that shopped in the past year said they obtained quotes online.
- While the number of overall quotes submitted fell 5 percent in 2012, the overall number of policies purchased remained flat at 3.1 million. Fewer people are shopping and quoting, but the number of shoppers getting more than one quote has increased from 2012 to 2013 with 63 percent of consumers who shopped within the past year getting two or three quotes, up from 57 percent in 2012.
- Awareness of "pay as you drive" insurance (PAYD) among respondents has more than doubled since 2009, with 40 percent of shoppers aware of PAYD insurance in 2013, up 23 percent from 2009. Of the 40 percent of shoppers that currently have heard of PAYD, only 9 percent actually have PAYD insurance. A quarter of respondents stated that privacy was “very much of a concern” when it comes to PAYD.
Tags: Comparison shopping, e-Commerce, Finance