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Car insurance shoppers go back for more

By Tara Baukus Mello · Bankrate.com
Friday, February 7, 2014
Posted: 4 pm ET

Car insurance shoppers are three times more likely to shop for auto insurance again the next year after receiving a quote, even though shopping around for car insurance is down overall, according to a new study from TransUnion.

The TransUnion Auto Insurance Shopping Index found that Americans who shop for car insurance and get a quote are 350 percent more likely to get an auto insurance quote again the next year and 300 percent more likely to request a quote two years later. Still, TransUnion found that shopping rates are down about 4 percent in the 12 months ending in June 2013 compared with the full year of 2012.

Higher risk customers -- defined by TransUnion as those with lower credit-based car insurance scores -- shop more frequently than average, while those with the highest credit scores shop less frequently than average.

TransUnion found that car insurance shoppers tend to be younger, with the most frequent shoppers being 25 years old. Women aged 25 to 40 are more frequent shoppers than men in the same age group, though the percentage of female car insurance shoppers declines with women after age 40.

Have you thought about shopping for new car insurance?

Tara Baukus Mello writes the cars blog as well as the weekly Driving for Dollars column, providing both practical financial advice for consumers as well as insight into the latest developments in the automotive world. Follow her on Facebook here or on Twitter @SheDrives.

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