Study Reveals Preferences of Consumers Buying Insurance for Automobiles
Posted by Amit Gupta in Uncategorized
A new study has found out the preferences of consumers buying insurance for their automobiles. The study was conducted by QuinStreet, Inc. which has based their results on the preferences of 878 participants.
The Insurance Buyer Insight Study has found that a majority of the consumers decided on the insurance policy, based on the price. 65.8 per cent of the participants stated that the price of the insurance was the main basis on which they decided their last policy. Auto insurance costs have increased by 33.3 per cent from 2002 to 2011, according to the Consumer Price Index. The last year itself reported a 3.6 per cent rise in insurance costs and thus the drivers are looking for a better deal. A lot of insurance shoppers are benefiting from comparison shopping and QuinStreet analyzed the car insurance quotes from 17 different carriers for a three year period and found that the average difference in quotes to consumers comes to $1,437.
After finding the lowest quote, the consumers gave preference to the finding trustworthy information, having confidence in their coverage, being able to design a proper package and availing good customer service. The study has also revealed that around 26 per cent of the insurance shoppers tend to use an insurance agent or visited the websites of few of the carriers from their last insurance buy. A large number of participants (70.4 per cent) stated that they would welcome an experience in auto insurance shopping where they could compare the different carrier's quotes and reviews before buying the coverage. On the basis of this, QuinStreet has come out with a system where the consumers can compare and select their insurance package.
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