Auto Insurance Shopping Rose in Q3
Trend was more pronounced for the segment than for property insurance.
Baby boomers led the charge on the search for lower priced auto policies, 34% of them looking at other insurers in the quarter.
Pexels/Kindel Media
Auto consumers are shopping around more for the best insurance deals, according to a third-quarter TransUnion report that shows those across generations are part of the trend.
Shopping for both auto and property insurance increased in the quarter, though auto insurance led the way with a 19% year-over-year jump, versus 16% for property insurance.
Baby boomers led the charge on the search for lower priced policies, 34% of them looking at other insurers, while 23% of Generation Z shopped, 18% of Generation X and 8% of millennials.
“It’s important to note that consumers are also switching at significant rates,” said TransUnion Senior Director of Strategic Planning for Insurance Business Patrick Foy in a press release. “This should serve as a reminder to insurers that marketing and digital experiences matter for acquisition.”
A significant 38% of all insurance shoppers have ended up switching carriers in the past six months, while those who don’t find better deals frequently raise their deductibles or opt in for telematics programs in order to lower their premiums, the consumer credit reporting agency said.
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