While few Americans have shopped on the Internet for auto insurance, many indicate they will shop online for such insurance in the future, according to the Insurance Research Council’s (IRC) most recent survey of a cross-section of Americans.
Only one in 10 surveyed respondents said they had previously searched the Internet for auto insurance information. However, 40 percent of respondents who currently use the Internet – and one in four respondents overall (24 percent) – said they are likely to search online for auto insurance in the future.
This anticipated growth in consumers searching the Internet for auto insurance information is expected to come largely from select segments of the population. Forty-four percent of respondents earning at least $75,000 per year said they are likely to go online for auto insurance information compared to 17 percent of respondents earning less than $40,000 per year. One in three respondents (32 percent) under age 35 said they are likely to search the web for auto insurance information compared to one in 10 (11 percent) of those age 55 or older.
“The growth of the Internet coupled with the convenience it provides are beginning to intrigue auto insurance consumers,” stated Elizabeth A. Sprinkel, senior vice president of the IRC. “It appears, however, that younger and more affluent shoppers are the ones most likely to shop online for auto insurance in the future.”
The results contained in IRC’s recently released report, Public Attitude Monitor 2001, Issue 2, is based on a survey conducted by RoperASW.
The survey consisted of face-to-face interviews with 1,990 men and women 18 years old and older conducted in May 2001.
Survey participants were selected to be representative of the population of the continental United States. The survey also addressed uninsured motorists, competitive auto repair parts, and insurer-designated auto repair shops.
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