Insurance shopping. Younger generations, millennials and Gen Z, are the primary groups driving the shopping activity. (Photo: Shutterstock)

Most people don’t typically associate the word “science” with shopping for auto insurance; however, there are many factors taken into consideration when trying to determine who is looking for insurance each year. In TransUnion’s most recent Auto Insurance Shopping Index, 21.7% of consumers shopped for insurance in 2018, up from 20% in the previous year.

The primary groups driving the shopping activity were the younger generations (millennials and Gen Z), who accounted for 39% of the total shoppers, and the subprime credit market which shopped nearly twice as much as prime or above credit consumers. Not surprisingly, insurance companies also spent a record amount advertising to consumers in 2018, rising 13.2% (Auto Insurance Report. Vol. 26#31/) over the prior year to total a staggering $7.49B.

 

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