Online is Australia’s preferred method for researching and applying for auto insurance, according to Google Australia’s Automotive Insurance Study 2009.
The number of people applying for auto insurance online has risen dramatically in the last 18 months, from 27 per cent to 68 per cent of new car owners, the study revealed.
The study also found that customers are heading online to shop around: 75 per cent of respondents visited a search engine during the initial research phase. And while 53 per cent had a particular insurance provider in mind when they started researching, 37 per cent ended up choosing a different provider and 82 per cent obtained at least three different quotes before making a decision.
Mel Silva, Google Australia’s Head of Financial Services, said, “More and more Australians like to shop around for a good deal on car insurance and web search makes that easy. This study has revealed an untapped opportunity in the highly competitive car insurance market to attract customers at the moment of relevance while they are researching insurance options online.”
While online does play an important role in decision making, the study also found that customers will turn to other sources for information; 52 per cent of respondents phoned the provider, 47 per cent sought advice from family and friends and 30 per cent referred to their renewal letters for information.