Youngergenerations, millennials and Gen Z, are the primary groups drivingthe shopping activity. (Photo: Shutterstock)
Most people don't typically associate the word "science" withshopping for auto insurance; however, there are many factors takeninto consideration when trying to determine who is looking forinsurance each year. In TransUnion's most recent Auto Insurance Shopping Index, 21.7% ofconsumers shopped for insurance in 2018, up from 20% in theprevious year.
The primary groups driving the shopping activity were theyounger generations (millennials and Gen Z), who accounted for 39%of the total shoppers, and the subprime credit market which shoppednearly twice as much as prime or above credit consumers. Notsurprisingly, insurance companies also spent a record amountadvertising to consumers in 2018, rising 13.2% (Auto Insurance Report. Vol. 26#31/) overthe prior year to total a staggering $7.49B.
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