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More People Buying Auto Insurance Online

2 million policies purchased online in 2007

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Online auto insurance quotes reached 32 million in 2007 and a record 2 million polices were purchased online as well according to a new report from comScore.

People originally turned to the Internet to learn about auto insurance and compare prices but lagged in making an online purchase. In 2006 there was a shift with an increase in the number of policies purchased online.

"Consumers are demanding the freedom to choose their method for interacting with their auto insurer – whether online, by phone, or in person," said Kevin Levitt, comScore vice president. 

"The rapid growth of the Internet demonstrates the importance of a multi-channel approach that includes the ability to request quotes, purchase policies and service accounts online." 

In addition to more people buying policies online, the auto insurance industry saw growth in online policy and account management. E servicing is attractive to bout insures and customers because it saves time and money.

 Total e-servicing visits grew by 15 percent, with the increase boosted by a 20 percent increase in visits to policy management sections of sites, indicating people are more comfortable with completing more complex transactions such as adding cars to policies online.

"Consumers appreciate the freedom and flexibility of being able to manage their policies online," continued Mr. Levitt. "Meanwhile, insurers benefit by reducing costs incurred in their offline channels and communicating more effectively and efficiently with consumers, thereby enhancing the lifetime value of the relationship."
 

More People Buying Auto Insurance Online
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    It’s not only the big boys offering the insurance, its also now the small to  mid-tier players offering insurance online. When you purchase Mexican Insurance online,. you can print your policy often in under 3-5 minutes from your computer, so it is no wonder that the online market has soared.

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    With the cost of gas as it is, I would have expected this number to reduce, not rise.

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    Because of the cost of gas and rising costs of insurance bloat, the online car insurance genre is going to continue to simply explode, so it is a great genre to create a business in.

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    That would explain the sudden surge of auto portals springing up! Wonder how the economy will affect this?

  • http://www.homeremedyhaven.com Home Remedies

    This tends to go against the prediction from JD Power who predicted an absolute meltdown of the auot industry by 2010

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