Over the past few years, shopping for auto insurance online has increasingly become more popular by
As the internet becomes more popular and the online consumer matures, the number of people shopping for auto insurance online is said to exceed the number of people shopping by phone or in person in the near future.
With the increase of public internet use for the purpose of shopping for auto insurance online, brokerages are rushing to expand their products online using new technologies such asFSC’s WebRater, software that delivers instant comparative rates to the consumer, right on the insurance agent's web site and allows consumers to compare the rates of brokerage’s appointed insurance companies.
Auto Insurance Companies Evolve Online
Most direct insurance companies have already adopted the internet in order to allow consumers to obtain insurance rates and even purchase policies online where permitted by state laws. Some direct insurance companies have even evolved from the internet. One example is Esurance Insurance Company which evolved online and, compared to traditional brick and mortar locations, markets its website instead of its office location for the consumers’ insurance needs. Esurance claims to be one of the fastest growing insurance companies. That may be due to their strong online presence.
Insurance Brokerages are following the footsteps of direct insurance companies by expanding their products online as well. One such brokerage is Auto Solutions Insurance Services in the state of
In an interview with Cesar Diaz, the broker of Auto Solutions Insurance Services he states: "We feel that the future of auto insurance will be based 99% online! Consumers are finding the convenience of comparing rates online from multiple insurance companies and the benefits of having unlimited information at their fingertips."
Online Auto Insurance Statistics
Statistics show a tremendous growth in consumers obtaining auto insurance quotes online. From 2005 through 2006, an estimated 70 million auto insurance quotes have been given online, and increasingly, people are finding the confidence and security to not only to receive quotes online, but to purchase the auto
insurance policy online.
In the first few months of 2007, statistics show a major increase in consumer online shopping. Just in the first quarter, there has been an increase of 27% in the number of auto insurance quotes obtained online; furthermore, since 2006, there has been an estimated 45% increase in online policy purchases. Consumers are increasingly becoming more comfortable making financial purchases online, which indicates a steady growth for the future.
Insurance companies encourage consumers to purchase insurance online since the overhead expenses of issuing an auto insurance policy online is less than the traditional method; therefore, insurance companies can extend the savings to the consumer.
The Benefits of Buying Auto Insurance Online
A benefit of purchasing your auto insurance policy online is the convenience of being able to manage yourinsurance policy online which may include making premium payments, filing insurance claims, making changes to your insurancepolicy including adding and deleting vehicles, changing insurance coverage, policy inquiries such as payment and billing history and more.
It is predicted that in the near future, most insurance companies and insurance brokerages will be available online. A similar market that has expanded online is real estate. "Now days, the greater percentage of consumers looking for homes are looking online", says Martha Pirro, a California Real Estate Agent.
The internet consistently opens new doors for consumers and merchants. As technology advances, most of consumers’ needs can be met online using the internet. In the near future, the internet will become a standard necessity.
By Auto Insurance Agent
Published: 9/7/2007
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