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Price Is Most Important Issue For Car Insurance Shoppers, But Many Consumers Are Missing Opportunities To Save

Stocks in this article: RATE

SAN FRANCISCO, Dec. 3, 2012 /PRNewswire/ -- Eighty-one percent of the Americans who switched car insurance carriers over the past year said that price was their primary consideration, according to new research released today by InsuranceQuotes.com, a Bankrate (NYSE: RATE) company.

The survey suggests, however, that many consumers are missing opportunities to save money. Only 21% of Americans shopped for car insurance within the past 12 months, yet 43% of those who did so ended up switching carriers.

"This suggests that many people who shopped around liked what they found," said John Egan, managing editor of InsuranceQuotes.com. "Consumers don't care as much about customer service or reputation – they want to know who's going to save them the most money. Everyone should take an hour or two to compare a few different carriers. It can't hurt, and you might be amazed by how much money you can save."

The survey found that the most popular way to shop for car insurance was by telephone (54% of respondents), followed closely by online (48%) and in-person (39%). Thirty-three percent of car insurance shoppers obtained three price quotes and 26% obtained four or more.

The new survey was conducted by Princeton Survey Research Associates International (PSRAI) and can be seen in its entirety here: http://www.insurancequotes.com/car_insurance-price.

PSRAI obtained telephone interviews with a nationally representative sample of 1,000 adults living in the continental United States. Telephone interviews were conducted by landline (600) and cellphone (400, including 191 without a landline phone). Interviews were done in English by Princeton Data Source from November 8-11, 2012. Statistical results are weighted to correct known demographic discrepancies. The margin of sampling error for the complete set of weighted data is plus or minus 3.7 percentage points.

About InsuranceQuotes.com

InsuranceQuotes.com provides consumers with a free, easy way to shop for and compare insurance quotes online, and delivers information about auto, home, health and life insurance and other types of insurance.

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