Auto Insurance Shopping Declines in comScore Survey

comscore 2013 auto insurance shopping resultsThe number of people who shopped for auto insurance fell between 2012 and 2013, according to the latest results from research firm comScore’s Online Auto Insurance Shopping Report, which was released this week. But of those who did shop, more are buying policies online and getting at least two quotes during the shopping process.

The survey included responses from a panel of 1 million U.S. consumers and 4,000 Internet users.

According to the research firm, only 48 percent of the respondents shopped for insurance in the past year. That’s a drop from 52 percent in last year’s study and marks the first time in five years that less than half of the survey participants didn’t shop for coverage.

But some good news is the respondents who are shopping for coverage are shopping smarter. Rather than just getting one quote and ending the process there, 63 percent went on to gather two or three quotes, a move that’s absolutely necessary in order to get the cheapest rate available. Only 57 percent of the respondents said they had done so in last year’s survey.

More good news for technology-focused insurers is that the number of people who purchased policies online remained steady between 2011 and 2012, with 3.1 million policies sold online in 2012.

When you look at the long-term trend for online insurance policy sales, the digital transaction appears to be becoming more and more commonplace. Online auto insurance purchases are up  41 percent since 2007, when just 2.2 million policies were sold online.

The steadiness of online policy sales is interesting considering that online quote submissions actually fell 5 percent between 2011 and 2012.

Last year, just over two-thirds of the respondents who shopped in the past year said they got a quote online.

The report’s findings on falling shopping rates mirror the trend identified by an April J.D. Power survey, which showed that the rate at which consumers shopped for coverage was hitting a record low. In the J.D. Power report, rates of consumers shopping for car insurance fell 2 percentage points from the previous year.

 

About Ben Zitney
Benjamin Zitney has been covering the auto insurance industry for the past 2.5 years. Before coming to Online Auto Insurance News, he produced an extensive company history of the 30-year-old California Joint Powers Insurance Authority and worked at the Cal State Long Beach Daily Forty-Niner as a reporter, copy editor and news editor.

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