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54 Percent of Auto Insurance Purchases Initiated Online

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Shuman Roy is an entrepreneur, business owner, and musician. He started RoysNoys, LLC in 2013 as a music production and education service company. He also offers small business consulting and advisory services to help businesses get from start-up mode to turn-key operations. Shuman earned his M.B.A from the Stern School of Business in 2001...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency...

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Reviewed byJoel Ohman
Founder, CFP®https://res.cloudinary.com/quotellc/image/upload/insurance-site-images/truthaboutins-live/2020/03/joel-ohman.jpg

UPDATED: Mar 13, 2020

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A new survey from J.D. Power revealed that more than half (54%) of new buyers of auto insurance initiated their policy purchase by applying for an insurance rate quote online.

So clearly the trend is to research and compare rates online before speaking with a customer service representative or an insurance agent.

Additionally, more consumers are shopping around for insurance, probably thanks to ad campaigns like “15 minutes can save you 15%” and “Progressive Name Your Own Price.”

The insurance industry spent $5 billion on marketing and advertising last year, with the top four companies spending more than half of that figure!

More Consumers Switching

Of the insurance customers who said they shopped for insurance in 2011, 40 percent switched insurance companies, up from 33 percent in 2010.

That must mean there are some serious savings out there, so it always pays to shop around, even if it’s a pain in the you know what.

Companies like Esurance even provide a discount for switching auto insurance companies

American Family Tops 2011 U.S. Insurance Shopping Study

American Family Insurance ranked highest among car insurance companies in satisfying new buyers thanks to its offerings and the performance of its exclusive agents (captive agents).

The company was followed closely by Auto-Owners Insurance and Erie Insurance.

Amica, which has been tops in customer satisfaction among existing customers, ranked fourth, while Liberty Mutual came in the fifth spot.

Mercury, Allstate, and Progressive were bottom dwellers, while Geico, State Farm, and Farmers were above the industry average.

It is recommended that you shop for insurance quotes online (below) and speak with an independent insurance agent, one who can shop your rate with multiple companies all at once.

Read more: Are online insurance quotes accurate?

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