by Steve Wilson on June 23, 2011 · 0 comments

in Auto

UntitledRecent sales report shows that consumers continue to shop for auto insurance, seek multiple quotes. Overall attitudes toward the economy are getting better, but loyalty is still down among U.S. auto customers, according to a recent report by comScore, an Internet marketing research company. The firm’s May 2011 auto insurance report was released in two pieces-one focused on sales and the other on service.

According to the sales report, general perceptions of economic conditions continue to improve. The percentage of respondents who would classify the U.S. economy as poor has dropped from 77% in January 2009 to only 59% in April 2011. Additionally, whereas in 2010 5% of respondents did not have auto insurance at all, only 2% are uninsured according to the 2011 report.

Regardless of the improvement in general economic outlook, loyalty is still down. According to the current comScore report, 55% of auto shoppers would "seriously consider changing" their carrier. Consumers continue to shop for auto insurance (51% this year, essentially the same as the past two years), but only 19% have switched carriers, down from 22% who switched in 2010. However, a lower percentage (21% this year as compared to 25% last year) reported only getting one quote, which means the instance of consumers seeking out multiple quotes is on the rise.

With regard to auto insurance shopping, the comScore report found that price continues to be the primary reason to shop (59%). Commercials have also had an increasing effect on shoppers; in 2009, 8% of survey respondents noted advertising influenced them to shop for auto insurance, and in 2011 that number is up to 15%.

When it comes to auto insurance purchasing, comScore reports that buying with a local agent in person remains the most common method (43%), with purchasing via the Internet as the second most common method (20%). Interestingly, "although the Internet is becoming a popular method of purchasing auto insurance, [80% of] consumers still choose to purchase offline," according to the report. Of that group, 62% purchase in person with a local agent, and another 31% purchase over the phone with a local agent.

ComScore surveyed more than 4,000 U.S. online auto insurance shoppers in April 2011 to ascertain general attitudes, and also passively observed a panel of 1 million consumers.

At Wilson Insurance Group, we take the hassle of shopping for rates out of your hands.  For our clients, we being shopping their insurance prior to renewal to save them time, and insure that we are always bringing the best value to our clients!  Call us today 405-285-5555, or email for more information.

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