With market growth for usage-based insurance plateauing, parents of teen drivers and the elderly offer new avenues for carriers to leverage for a much-needed lift in business, according to a study by LexisNexis Risk Solutions.
In its annual Usage-Based Insurance report—measuring overall market awareness—the researcher found a four percent increase among individuals aged 55 to 64. Participants aged 45 to 54 made the biggest leap year-over-year at six percent, according to the report. However, younger drivers ( 21 to 25) still pose the strongest market interest at 49%, compared to 42% for previous groups mentioned. A sample size of more than 4000 U.S. consumers was used for the study.
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