Auto insurers have long heard that price is a key factor in consumers’ purchase decisions, so it should come as no surprise to insurers that recent survey results of 2,022 online auto insurance shoppers confirms this. However, the survey from LowerMyBills.com, an arm of Experian, also shows that consumers are hindered by a lack of knowledge and focus when making key decisions.
The recession has had a strong impact on many consumers, causing them to seek ways to save money and reduce their spending, especially for auto insurance premiums, according to the survey. While 79% of consumers feel they are paying too much for auto insurance, 54% of consumers indicated that they have tried to reduce their auto insurance premium in the last year as a result of the tough economy. Of the 46% of consumers who have not tried to reduce their auto insurance premium in the last year, 83% are planning to try to reduce it in the next six months.
Survey data also reveals that 45% of consumers do not understand how to find the best coverage that fits their needs. Forty-nine percent of consumers do not know all the discounts for which they qualify from their auto insurance provider, and 17% have never re-evaluated their coverage.
online auto insurance, distribution, customer service, experian, economy
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