Consumers Shopping Insurance — Price Matters Most

The opinion firm, YouGov did a survey on purchasing insurance. The company found shopping online is more and more becoming the way people are buying insurance products. As you know, this is especially true of younger consumers.

Older people want the personal interaction provided by independent insurance agents. That contact is critical for something as important as insurance. However, no matter how the shopping is done, most consumers are looking for the same things they’ve always sought from an insurer:

• A competitive price

• The right coverage

• Confidence the insurer will cover them when it counts

The data gathered by YouGov found 46% of us plan to purchase some form of insurance in the next 12 months. And 70% say price will be the biggest influence on their insurer of choice

While price is important, 60% still want coverage that meets their needs and that has value. So the cheapest policy may not win out. Close to 50% will consider coverage limits and deductibles. Over 50% will shop for service and claims that will be promptly paid.

The reputation of the insurer will also be a strong consideration.

Source link: PropertyCasualty360.com — https://bit.ly/4zRFshJ