by rcloeffler » Thu Aug 28, 2008 02:41 pm
Hello, I'm doing an informal study to determine HOW and WHY people buy or shop for their auto & homeowners and life insurance. In other words, what makes someone choose an agent, a website such as Progressive or Matrix Direct, an aggregator or even a retailer such as Kroger's or Sam's Club?
To me, it seems that the online choice models offer numerous carriers so customers will get a good price. However, people may be hesitant to give out their personal info because of the risk of spam, phone calls and emails.
I know there are a few really good comparison websites out there only because I researched them. How to others wrestle with these choices of where and how to shop?
Any info or insight would be greatly appreciated. Thanks in advance!
To me, it seems that the online choice models offer numerous carriers so customers will get a good price. However, people may be hesitant to give out their personal info because of the risk of spam, phone calls and emails.
I know there are a few really good comparison websites out there only because I researched them. How to others wrestle with these choices of where and how to shop?
Any info or insight would be greatly appreciated. Thanks in advance!
Posted: Thu Aug 28, 2008 06:39 pm Post Subject:
How to others wrestle with these choices of where and how to shop?
I think alot of folks take advise from friends or family...I think those mid-thirty's and down, typcially use the enternet and are comfortable doing so, they bank online, why not shop or buy insurance as well...?
Personally (especially with the economy today) I think price is a huge factor for a lot of people....I have had my insurance with the same agent for 30 years,will I switch? nope, when they retire will I ? more than likely, and then I will also more than likely comparison shop on line...
Posted: Fri Aug 29, 2008 06:57 am Post Subject:
I agree with Lori, friends and relatives play a big role in decision making. People love to reply on their opinions regarding issues like buying insurance policies and making investments. Many may even turn to their existing financial advisers or agents for references.
Posted: Fri Aug 29, 2008 07:18 am Post Subject:
Visiting the website of the state's department of insurance is another authentic way of finding an insurer. The state's department of insurance website lists all the insurance company's which are licensed to do business in your locality. It also has their performance recorded. Hence, you can actually learn their claim payment history, customer complaints and so forth from this website. This will help you in the decision making.
People mostly shop around to get better coverage package at lower price. However, cost shouldn't remain the only criterion for switching insurer. At times a cheap policy may not offer you adequate services.
Also, long time relationship with the insurer can help you in getting better deals and discounts.
Maintaining multiple policies with the insurer can also save in terms of expenses towards insurances.
Thanks,
Rupert
Posted: Sat Aug 30, 2008 02:43 pm Post Subject:
Thank you for your responses, they are greatly appreciated.
One reason why I like a certain comparison site is that you don't get inundated by emails, phone calls and spam as I did with with two others. I believe they offer 10 or so choices in every state and they are also agents as well. This seems to work better with auto insurance probably because people see it as more of a commodity, even though it isn't. Life insurance, is a bit trickier unless it's a simple policy without being underwritten.
It seems that more insurance companies are utilizing disconnected distribution channels nowadays. I wonder how successful a Krogers, Costco or Sam's Club is? Anyway, thanks for your comments, I appreciate it.
Posted: Tue Sep 02, 2008 04:12 am Post Subject:
I'm an insurance agent. I mostly sell medical insurance.
I have a P&C license, but I haven't used it in almost 20 years so I just bought coverage from a major carrier that had a good rate 10 years ago. I haven't compared rates since then.
When I got married we kept the company she had before our marriage. We checked two or three other companies and just took the path of least resistance.
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