Auto Insurance Consumers Who Shop Online Save Big; More Than Half Saved $400 Or More

EDP Weekly's IT Monitor, Sept 6, 1999

More than half of the consumers who shopped online for auto insurance and then bought a new policy saved up to $400 or more, according to a survey of consumers using InsWeb, a leading Internet insurance seller. One in three saved more than $500, with some saving $1,000 or more.

"This data confirms the importance of shopping for insurance to find the best value for your insurance dollar," says InsWeb Executive Vice President Mark Guthrie. "The surprise in this survey is not that consumers can save money by shopping, but rather the magnitude of those savings."

InsWeb offers consumers auto insurance quotes from 22 carriers, including State Farm, AIG and Progressive. The survey, completed in July, polled more than 900 consumers who received a quote from an InsWeb carrier and then purchased a new policy, either from an InsWeb marketplace participant, or from another carrier.

"Few consumers understand that the price of comparable coverage from top- tier, quality carriers often varies widely from company to company," Guthrie says. "To make the best possible decision, consumers need to evaluate the quality of the company, its financial strength, and customer service -- along with price. The good news is that it's never been easier to compare products from quality companies through sites such as InsWeb."