comScore Releases 2015 U.S. Online Auto Insurance Shopping Report

Overall shopping remains steady, while segment of recent consumers who go online to shop increases

18 Nov, 2015, 12:00 ET from comScore, Inc.

RESTON, Va., Nov. 18, 2015 /PRNewswire/ -- Today, comScore, Inc. (NASDAQ: SCOR), a global media measurement and analytics company, released its 2015 Online Auto Insurance Shopping Report, which provides a detailed analysis of overall industry trends, and the attitudes and intentions of consumers shopping for auto insurance online. Additionally, the study provides insight into how, why and where consumers shop for auto insurance. The study is based on data from the comScore research panel of one million U.S. consumers and a survey of more than 3,000 U.S. online consumers conducted in August and September 2015.

Majority of shoppers are doing so online and securing multiple quotes The number of consumers who shopped for auto insurance in 2015 held steady at 46 percent, consistent with 2014. Of those consumers who shopped in the past year, 71 percent of them did so online, up from 67 percent in 2013.

"Consumers can access the internet to view insurance options via multiple devices, which puts them in control while shopping more so now than ever before," said Susan Engleson, senior director at comScore. "In order to effectively develop multi-platform strategies to connect with these shoppers, auto insurance companies must understand why, where and how consumers prefer to shop for and purchase auto insurance policies. Companies can also use these insights to provide consumers who shop across platforms with the best digital experience in order to capture that growing segment."              

Have you shopped for insurance in the past year?

Source: comScore Custom Survey, U.S., Age 18+, September 2015

2009

2010

2011

2012

2013

2014

2015

Yes

52%

52%

51%

52%

48%

46%

46%

No

48%

48%

49%

48%

52%

54%

56%

In general, the majority of consumers showed that they secured multiple quotes while making potential purchase decisions. Across all shopping channels, 62 percent of consumers who shopped in the past year got two or three quotes when doing so most recently. Furthermore, consumers who shopped via online channels were even more likely to get two or more quotes.

Price is the most important factor for consumers when shopping for auto insurance A consistent portion of consumers consider switching their auto insurer each year, however, a majority of them don't actually switch. Of consumers who shopped for auto insurance in the past year, 66 percent said they were doing so because they were looking for a lower price, followed by consumers who recently bought a car. Price is also the most important consideration to consumers when purchasing auto insurance.

Of those that shopped in the past year, why were you shopping for insurance?

Select all that apply.

Source: comScore Custom Survey, U.S., Age 18+, September 2015

I was looking for a lower price

66%

I just bought a new/used car

19%

I saw a commercial on TV

12%

Not happy with the service from my current insurer

11%

I saw an ad in a magazine/newspaper

5%

I just got married

4%

I was recently dropped from my current company

4%

I just bought a new/used motorcycle

4%

I am recently separated/divorced

3%

I just retired

2%

About the 2015 Online Auto Insurance Shopping Report The comScore 2015 Online Auto Insurance Shopping Report presents a detailed overview of the online auto insurance market with insights into overall industry trends, the competitive landscape and key areas influencing online consumers' decision-making processes. The study analyzes the online behavior of comScore's opt-in panel of one million U.S. consumers, as well as attitudinal insights from a comScore survey of more than 3,000 U.S. online consumers conducted in August and September 2015. To purchase a copy of the 2015 report or all previous Online Auto Insurance reports, please visit: http://www.comscore.com/Auto2015.

For additional information on comScore Auto Insurance solutions, please contact us here.

About comScore Founded in 1999 and headquartered in Reston, Virginia, comScore, Inc. (NASDAQ: SCOR) is a global media measurement and analytics company that makes audiences and advertising more valuable across all the screens that matter. comScore helps media buyers and sellers understand and make decisions based on how consumers use different media, such as TV, video, mobile, desktop and more. Through its products and services, comScore helps its more than 2,500 clients understand their audiences, know if their advertising is working, and access data where they want and need it. Please visit www.comscore.com to learn more.

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SOURCE comScore, Inc.



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