Generation Yers—or millennials—are less likely than Baby Boomers to pick an auto insurance company because it has the lowest price, according to a new J.D. Power survey measuring how consumers feel about insurers’ websites.
The thing that drives these Generation Y shoppers more than the price of auto insurance: the auto insurance provider’s website.
Almost 1 out of every 3 Generation Y shoppers would pick an auto insurer because its website provided “the appropriate amount of information,” according to the report. In addition, more than 1 out of every 3 Generation Y shoppers would pick a brand because its website provided information “in a clear and intelligible way.”
In the U.S. market, millennials form the “fastest growing segment” of consumers who buy new cars, behind only Baby Boomers, according to Jeremy Bowler, senior director at J.D. Power.
That growth among Generation Y shoppers makes them a “highly attractive consumer group,” he said in a statement.
“Insurers need to think about how to present information that best addresses the needs of [Generation Y shoppers],” Bowler said.
Top Insurance Sites
According to J.D. Power, shoppers said policy and coverage services were especially strong on the websites of these following car insurers:
J.D. Power also reported that shoppers said their shopping needs were met “particularly well” on the following car insurers:
Quote Process Crucial to Overall Satisfaction
In each of those editions, the consulting firm reported that an auto insurance quote process on a company’s website—especially its ease, accuracy and ultimate price quoted—has been a crucial part of the shopping experience.
In the 2014 edition, the Website Evaluation Study found that shoppers were most likely to pick an auto insurer brand because its website returned the “lowest quote.”
The quote-getting process “can be quite difficult and frustrating” to shoppers, according to Bowler; the entire experience for a shopper can hinge on his or her experience while trying to get a quote.
Another report, released by consulting firm Accenture last year, found that almost half of thousands of consumers surveyed said they preferred to shop online by getting insurance quotes through a website.
In 2012, J.D. Power found that a shopper who got auto insurance quotes faster than expected were 245 points more satisfied overall, compared to shoppers who said they got auto insurance quotes slower than they expected.
“Insurers that provide a user-friendly, informative experience can make the process less intimidating and help improve the overall website shopping experience,” Bowler said in the latest J.D. Power report.