To help get
a better understanding of auto insurance providers Random Survey Data conducted
a survey asking ordinary students a few questions about auto insurance. This
hopefully gives readers confidence in their decision making process when
shopping around for auto insurance. Lets cover the basics of our survey
collection.
- The Survey was conducted via an Google Doc link through email to friends and extended friends
- Survey conducted in January 2013
- A
total of 194 responses were received
Now lets
dive into the data! There were a few participants (11.3%) who did not drive a
car and were not enrolled for insurance. We filtered out 22 of these candidates
who did not have auto insurance. This way we could provide an accurate list of
companies people use for their auto insurance. Here is distribution of all the
companies listed by participants in the survey.
I know it’s
a bit cluttered, but here are Insurance Providers to the survey participants are:
This aligns
well with the amount of advertisements we see on media outlets! It is likely
that GEICO appeals to the participants as a cheaper alternative to larger brick
and mortar auto insurance providers.
Another
question that was asked in the survey was "How participants obtain a quote and
purchase their auto insurance?" From the histogram below we learn that a
majority of participants order insurance online. The two other popular methods
are over the phone or going to the office to talk directly to the localinsurance agent.
If we dive a little deeper we find that of those who
have GEICO, 75.9% went online to order it. Flipping this, if we ask which
insurance companies people sign up for with a agent at the local office, we
find some interesting results. Here are the top three insurance companies
survey participants signed up for at the local office
- State Farm (25.0%)
- AAA (22.5%)
- Farmers (10.0%)
This knocks
online based insurance companies out of the water. For example, GEICO and
Progressive only had one participant claim to visit the local office. It looks
like this goes back to the advertising of these companies as a real person to
help.
Life Insurance
As I was
processing this data I began to wonder about other types of Insurance
available. Obviously vehicles are just one avenue where insurance is highly
recommended. House/Renters insurance is a good one to have and life insurance
is absolutely necessary also. Life insurance is often over looked but it is so crucial
for your family and loved ones in the unlikely event that something happens to
you. There are plenty of resources online that talk about life insurance in more detail.
The Simple Dollar is a neat little website clearly explaining a lot of this
information better than I ever could. Maybe in the future a different type ofinsurance can be used for this survey (the possibilities are endless!!).
Conclusions
Conclusions
Back to
Auto Insurance, I think we have some interesting results found in our survey.
It helps shed some light on what companies people choose for auto insurance
when the market is so saturated with great commercials. I am happy to hear that GEICO is in the top running’s
along with AAA. Overall, this was a great introduction to the popular auto insurance
companies and to see how they enroll.