Comscore Releases 2010 U.S. Online Auto Insurance Report
Number of Auto Insurance Policies Purchased Online Up 22 Percent in 2009 as Consumers Shop Around for Better Rates
RESTON, VA, April 26, 2010 – Comscore, Inc. (NASDAQ: SCOR), a leader in measuring the digital world, today released its 2010 U.S. Online Auto Insurance report, based on behavioral data from Comscore’s 1 million person U.S. panel and a survey of more than 2,000 U.S. Internet users to understand attitudes and intentions with regard to conducting auto insurance transactions online. The report found that U.S. consumers submitted requests for 38.8 million online quotes in 2009 and purchased a record 2.8 million policies online during the year, each representing an increase of more than 20 percent versus the previous year, as consumers sought ways to save on auto insurance during the recession.
“Comscore’s fourth annual U.S. online auto insurance report highlights a year of robust consumer activity in terms of submitting quotes and ultimately purchasing auto insurance online,” said Susan Engleson, Comscore director. “With the U.S. economy mired in a deep recession throughout much of 2009, consumers looked for opportunities to cut costs and shopping around for auto insurance offered one way of doing that.”
Online Auto Insurance Quotes and Policies Purchased Rebound in 2009
The number of auto insurance quotes submitted online increased 21 percent in 2009 versus the prior year, while the number of policies purchased online increased 22 percent, reflecting consumers’ desire to shop around for better prices. These strong growth rates came on the heels of a fairly weak 2008, the result of a tough second half of the year that saw the stock market tumble, gas prices surge and advertising from auto insurers’ decrease. These factors helped drive a decline in the number of quotes submitted, while the number of policies purchased grew significantly slower than in previous years.
Growth in Online Auto Insurance Activities
2009 vs. 2008 vs. 2007
Total U.S. – Home/Work/University Locations
Source: 2010 Comscore Online Auto Insurance Report
|Percent Change 2007 vs. 2006||Percent Change 2008 vs. 2007||Percent Change 2009 vs. 2008|
Significant Increase Expected in the Future Number of U.S. Consumers Likely to Purchase Auto Insurance Online
Consumers who had not yet purchased auto insurance policies online were asked how likely they would be to purchase online in the future, with more than one-third (35 percent) saying they would be likely to do so, an increase of 7 percentage points from the previous year. The percentage of respondents unsure of whether or not they would purchase online in the future remained stable at 25 percent, while those that were unlikely to purchase auto insurance online dropped from 48 percent to 39 percent.
Q: How likely would you be to purchase auto insurance online in the future? (of respondents who have not purchased online)
March 2010, n= 2,055
Source: Comscore Auto Insurance Survey
“Consumers are showing increased willingness to trust the online channel for gathering information on important financial decisions, as well as completing these transactions,” continued Ms. Engleson. “Although it’s unlikely the Internet will completely replace other channels for purchasing auto insurance, having an active online presence is now critical for providers to attract and retain customers in this highly competitive industry. As we begin to emerge from the recession, providers who seized the opportunity to reach consumers who were shopping around online in the past year will be better positioned for future growth.”
About the 2010 Online Auto Insurance Report
The Comscore 2010 U.S. Online Auto Insurance Report presents a detailed overview of the online auto insurance market, with insights into overall industry trends, the competitive landscape and key areas influencing consumers’ online decision-making process. The study analyzes the online behavior of Comscore’s passively-observed panel of 1 million U.S. consumers, as well as attitudinal insights gained from a Comscore survey of more than 2,000 U.S. online consumers conducted in March 2010.
To purchase a copy of the Comscore 2010 U.S. Online Auto Insurance Report, please visit: http://www.comscore.com/Press_Events/Presentations_Whitepapers/2010/2010_Online_Auto_Insurance_Report
Comscore will also be hosting a webinar on May 6 at 2:00 PM ET entitled The U.S. Online Auto Insurance Landscape in 2010. For more details and to register, please visit: http://www.comscore.com/AutoInsuranceWebinar
For additional information on Comscore Auto Insurance solutions, please contact Susan Engleson at firstname.lastname@example.org
Comscore, Inc. (NASDAQ: SCOR) is a global leader in measuring the digital world and preferred source of digital marketing intelligence. For more information, please visit www.comscore.com/companyinfo.
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