Wednesday, June 4, 2014

Younger Auto Insurance Shoppers Less Likely than Boomers to Shop on Price

While shopping for auto insurance, price is, of course, can be a deciding factor for consumers. However, a recent study by J.D. Power reveals that younger generations—Gen X and Gen Y—are less likely to select the lowest-priced brand than Baby Boomers.

Younger auto insurance shoppers are more likely to select their car insurance brand based on website information and navigation, according to the J.D. Power 2014 Insurance Website Evaluation Study. While price is a factor for 35% of Gen X and Gen Y shoppers, and is a major concern for 47% of Boomers, Gen Y shoppers are more concerned with understanding information regarding different brands and policies.

Providing an appropriate amount of information impacts the decision of 29% of Gen Y shoppers and 36% are influenced by whether or not information was conveyed in a clear and intelligible way.



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