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Report: Young people most likely to comparison shop for auto insurance
By Insure.com staff

Younger people tend to shop for auto insurance more frequently than older people, and auto insurance shopping peaks at age 25 for both men and women, according to a new report from TransUnion, a global credit bureau headquartered in Chicago.

Younger women ages 25 to 40 are more active auto insurance shoppers than younger men, but that trend reverses at mid-life, the TransUnion Auto Insurance Shopping Index shows. After age 40, the percentage of women who shop for new policies declines, while the shopping rate among men stays relatively stable, the credit bureau said.

People who are moving or have recently moved also tend to be heavy shoppers. Compared to consumers who stay put, those who move are 200 percent more likely to shop for auto insurance before their move, 130 percent more likely during the month of their move, and 60 percent more likely one month after the move.

The data also show that consumers who shop for insurance and receive a quote are 350 percent more likely to comparison shop again in the next year than policyholders who don't get quotes.

Higher-risk auto insurance customers -- those with lower credit-base insurance scores -- shop most frequently, and consumers with the highest insurance scores are less likely than the general population to shop for new auto insurance. On average, auto insurance shoppers solicit two quotes, and 45 percent of shoppers solicit only one quote. Spring is the most active time for auto insurance shopping, while December is the least active month, the report said.

The shopping index is developed from TransUnion's database, which includes information on more than 430 million auto insurance shopping transactions from 2009 to 2013.

Of people with credit reports, 15.1 percent shopped for new auto insurance policies in the 12 months ending in June 2013, down from 15.7 percent for the full 2012 year and 16.2 percent for the 12 months ending in June 2012.

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