FOSTER CITY, Calif., July 3, 2012 (GLOBE NEWSWIRE) -- QuinStreet, Inc. (Nasdaq:QNST), a leader in vertical marketing and media online, today reported the results of a study of consumer auto insurance buying preferences.
The "Insurance Buyer Insight Study" found, not surprisingly, that consumers rank price as the most important decision-making factor when buying auto insurance. This was corroborated by their response to a question asking what prompted them to shop for auto insurance the last time they shopped. Sixty-five point eight percent indicated that it was to find a better rate.
Drivers are looking for ways to control rising auto insurance costs. According to the Consumer Price Index (CPI) from the Bureau of Labor Statistics, insurance rates for motor vehicles increased 33.3 percent between 2002 and 2011. In the last reported year (2010-2011) alone, car insurance rates rose 3.6 percent, or faster than medical care (3 percent) and housing (1.3 percent), and almost on par with food prices (up 3.7 percent), according to the CPI.
Price-conscious insurance shoppers benefit from comparison shopping, as rates quoted to the same consumer from different carriers often vary significantly. QuinStreet's analysis of car insurance quotes from 17 carriers over a three-year period revealed that the average difference between the lowest and highest prices quoted to individuals is $1,437.
Consumers in QuinStreet's study ranked their top five auto insurance shopping concerns:
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Knowing they are getting the lowest possible prices.
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Finding information that is trustworthy.
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Having confidence that they are getting the coverage they need.
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Being able to design a suitable insurance package.
- Accessing great customer service.
The "Insurance Buyer Insight Study" found that consumers typically used an insurance agent or went to the websites of a few carriers the last time they shopped for auto insurance (26.3 percent and 26.2 percent, respectively). Yet, 70.4 percent of consumers said they would consider shopping for auto insurance on an agency website or a website that provides a comparison-shopping experience, which is the core of QuinStreet's online media and marketing offerings.
In response to the needs highlighted in the study, QuinStreet has expanded its auto insurance shopping platform into what the company believes is the most extensive and effective approach to providing easy, accurate and credible comparisons. The product specifically addresses shopper preferences and priorities.
"We've been listening to car insurance shoppers and have developed an online shopping system in response to their needs," said Doug Valenti, CEO of QuinStreet. "Our new platform is an industry-first product that uses the proprietary technologies to help consumers make auto insurance decisions."
The study also found that advertisements do not have significant impact on the final buying decision. Consumers ranked "knowing the company from advertisements" and "recommendation from a friend or colleague" as least influential in their car insurance shopping decisions.
QuinStreet commissioned Toluna to conduct its "Insurance Buyer Insight Study" from December 22-28, 2010. Results are based on responses from 878 participants.
About QuinStreet
QuinStreet, Inc. (Nasdaq:QNST) is one of the largest Internet marketing and media companies in the world. QuinStreet is committed to providing consumers and businesses with the information they need to research, find and select the products, services and brands that meet their needs. The company is a leader in visitor-friendly marketing practices. For more information, please visit QuinStreet.com.