Anatomy of a Car Insurance Buyer: Learn What Drivers Like You Purchased - MSNewsNow.com - Jackson, MS

Anatomy of a Car Insurance Buyer: Learn What Drivers Like You Purchased

Posted:

This article was originally distributed via PRWeb. PRWeb, WorldNow and this Site make no warranties or representations in connection therewith.

SOURCE:

Insurance.com research shows Americans make very different auto insurance decisions by state, age and homeownership.

Foster City, CA (PRWEB) August 14, 2014

Three out of four drivers choose a $500 deductible when they shop for collision and comprehensive insurance.

About 21 percent of married drivers want to buy towing and rental reimbursement; 13 percent of single drivers do.

And 32 percent of drivers under age 25 shop for the lowest legal amount of liability coverage, but only 19 percent of drivers over 55 do.

A new analysis of more than 500,000 car insurance quotes delivered through Insurance.com, the car insurance comparison-shopping website, reveals big distinctions among states, drivers and age groups.

Minimum coverage is OK for some folks and not so much for others. And people looking to save money always wonder when to drop comp and collision, said Insurance.com managing editor Des Toups. Looking at what most people in your situation do can be very helpful.

The wide differences in drivers needs led to the What Drivers Like You Buy tool, which offers consumers a look at what others in their state with similar profiles homeownership, age, model year of vehicle are shopping for. Nationwide, the most common coverage profile looks like this:

  •     Most common bodily injury liability coverage: $50,000 ($100,000 per accident), selected by 46
        percent of all drivers.
  •     Most common property damage liability coverage: $50,000, selected by 59 percent of all drivers.
  •     Collision coverage, selected by 60 percent of all drivers.
  •     Comprehensive coverage, selected by 61 percent of all drivers.
  •     $500 deductible, selected by 74 percent of drivers who buy comprehensive and collision.
  •     Towing and emergency road service, selected by 16 percent of all drivers.
  •     Rental reimbursement coverage, selected by 16 percent of all drivers.

Those numbers change substantially from state to state and among drivers, Toups said. Those with more to lose often opt for larger amounts of coverage. For example, in California, the most common amount of bodily liability coverage sought by homeowners is $100,000 or more. In Texas, its $50,000. Single Florida renters under 35 most often buy $25,000 or less.

About 96 percent of drivers with cars six years old shop for comp and collision the physical damage coverage that pays to repair or replace your car but only 60 percent with cars 10 years old do, as car loans are paid off and vehicle value drops to a level that makes owners reconsider the risk.

Insurance is daunting, and theres a temptation for many to cross their fingers and hope for the best, Toups said. But we think that knowing what your peers are doing is a smarter place to start.

To see the What Drivers Like You Buy tool visit http://www.insurance.com/auto-insurance/coverage/how-much-to-buy.aspx.

Methodology

Insurance.com analyzed online quote information submitted by 557,238 drivers in July 2014.

About Insurance.com

Insurance.com, based in Foster City, Calif., is an online resource where consumers can compare side-by-side, real-time auto insurance quotes from multiple insurance carriers. Since its inception in 2001, Insurance.com has delivered nearly 11 million quotes to consumers who, in less than 10 minutes, fill out one form and save an average of $540 annually making it one of the largest independent insurance marketplaces in the U.S. Participants include some of the biggest names in auto insurance, including Progressive, Esurance, The Hartford, Travelers and 21st Century. Experts from Insurance.com are available for interviews on all issues pertaining to auto insurance.

Twitter: @InsuranceDotCom

About QuinStreet Inc.

Insurance.com is owned and operated by QuinStreet Inc. (NASDAQ: QNST), one of the largest Internet marketing and media companies in the world. QuinStreet is committed to providing consumers and businesses with information they need to research, find and select the products, services and brands that best meet their needs.

For the original version on PRWeb visit: http://www.prweb.com/releases/2014/08/prweb12091212.htm

Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact pressreleases@worldnow.com.

Powered by WorldNow