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Most Consumers Seek Online Homeowners Insurance Quotes

By Mike Heuer

Using the Internet to get online homeowners insurance quotes is highly popular with nearly three-fourths of those recently surveyed saying they go to online sources to get free estimates but prefer to close the deal in person.

A recent study of thousands of auto and home insurance policyholders shows the Internet is a powerful tool for learning about insurers and the policies they have to offer. The results come as more property and casualty insurers embrace the Internet and other digital resources for directly marketing their insurance products to consumers so they can get free online homeowners insurance quotes and other estimates.

The study conducted by Accenture queried some 4,000 home and auto consumers and determined almost 3,000 of them prefer to get a homeowners insurance quote online as well as auto insurance estimates when they shop for insurance. The study also indicates 43 percent of those surveyed prefer to get their quotes directly from company websites while another 4 percent like to use mobile applications to get a homeowners insurance online quote from property and casualty insurers.

The effectiveness of direct marketing of insurance products via the Internet is borne out by the study results. And paying insurance premiums online also has proven popular with a majority of respondents choosing online payments as their preferred method. About 58 percent of respondents also said they prefer to pay for their insurance bills through online sources with the rest citing traditional mail or office visits as their preferred method.

While most consumers prefer online payments of home and auto insurance bills, they greatly prefer using the Internet to get a homeowners insurance quote online from select insurers to compare rates and policy options. Before buying their policies, some 72 percent said they go to the Internet to obtain online homeowners insurance quotes and other information from insurers before making their final decision when shopping for insurance coverage.

Other sources used to obtain information about insurers and their products include word of mouth from family and friends and using exclusive insurance agents who are bound to a single insurance entity. Using search engines, such as Google and Bing, and insurance quote aggregators also were cited by respondents as sources where they get a homeowners insurance online quote.

While youth tend to use the Internet more for socializing and obtaining information in general, for insurance purposes, they don’t use the Internet as much as some of their older counterparts, according to the study. Little more than a third of those surveyed who are between ages 18 and 24 indicated they use insurer websites to get online estimates while 53 percent of those between ages 25 and 44 said they go to insurer websites for information. A possible reason for the disparity is the fact fewer people between ages 18 and 24 purchase homes and autos than their older counterparts.

Some 41 percent of adult respondents between ages 45 and 64 utilize websites to obtain online insurance estimates, according to the study.