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Quotesmith.com Unveils New Homeowners Insurance Price Comparison Service for California Residents

Quotesmith.com, Inc. (ticker: QUOT, exchange: NASDAQ) News Release - 9/04/2002


Quotesmith.com Unveils New Homeowners Insurance Price
Comparison Service for California Residents; Here's a Fast and Easy Way to Get Instant Quotes, Compare Prices and Achieve Maximum Savings

  • Large selection of name-brand homeowner insurers all in one place
  • New technology permits quick viewing of lowest premiums
  • End-to-end buying solution delivers speed and convenience

DARIEN, Illinois (September 4, 2002) -- Shopping for homeowner insurance in the Golden State just got a lot easier. Quotesmith.com (NASDAQ SmallCap: QUOT), the online insurance broker that provides instant insurance quotes from more than 300 companies, today announced the launch of a brand new homeowner insurance price comparison service for residents of California. This new service spells instant relief for California home and condo owners fed up with skyrocketing premiums and market confusion.

The California debut includes an initial lineup of six leading insurers that are now immediately available at www.quotesmith.com. More insurance companies will be added in the future.

"Our new California homeowner insurance price comparison service is convenient, fast and easy to use," said Quotesmith.com project leader, Bill Bland. "We've brought to market a new technology which delivers a panorama of comparative home and condo insurance information to every user. What's more, this new service includes replacement cost calculators, quotes for popular options and online applications. This kind of functionality is not available from any other source on the Web. All of this information is presented in a format that is quick and easy to understand."

Early Customer Enthusiasm

The very first California resident to purchase homeowner insurance from the new Quotesmith.com service was Chris Brown of Mather, CA. In describing his money-saving experience, Mr. Brown remarked, "I spent many hours looking on the internet, and calling different companies to find out who offered the best homeowners coverage at the lowest rate. I found that Quotesmith carried the companies that were least expensive and had the coverage I was looking for. I would recommend to anyone to check Quotesmith.com first to see that they offer some of the best companies with the best coverages at the best prices."

Thomas Eng of San Jose, CA remarked, "I found the Quotesmith.com website to be very comprehensive and detailed. It was easy to check homeowner's coverages I wanted and come up with immediate quotes and comparisons. I saved over $600 by using Quotesmith.com."

Gretchen Kurz of Yorba Linda, CA remarked, "Quotesmith.com is precisely what every web-based service should be: easier to use than any typical retail counterpart. Within minutes, Quotesmith provided me a choice of top-rated insurance companies who offered coverage for lots less than I was paying before."

Simplifying The Online Insurance Purchase Process

In terms of speed and simplicity, the new Quotesmith.com homeowners insurance price comparison service is destined to set a new industry standard for choice, selection and rapid functionality. With the goal of seeking to slash shopping and policy delivery times, the new Quotesmith.com service offers:

  • A wide selection of instant quotes from leading California insurance companies.
  • Accurate quotes backed by a $500 Cash Reward.
  • Complete absence of special broker "add-on" service fees which are typically charged by many California-based insurance brokers
  • Personalized customer care and assistance on a toll-free basis.
  • Simple-to-use search parameters with automatic retention of all request information which makes future re-quotes a snap.
  • Unbiased information, freedom to purchase from any company shown.
  • Immediate alternate coverage quotes without having to re-key or re-search.
  • Ability to buy and bind online from many companies.
  • Viewable A.M. Best ratings with each and every quote.
  • Ability to view underwriting acceptance guidelines.

 

About Quotesmith.com

Founded in 1984, Quotesmith.com owns and operates two comprehensive online consumer insurance information services, www.insure.com and www.quotesmith.com. Catering to self-directed insurance shoppers, Quotesmith.com provides a comprehensive array of comparative auto, life and health quotes, combined with news, information and decision-making tools that are not available from any other single source. Visitors to the Company's Web sites are able to obtain instant quotes from more than 300 leading insurers for twelve different product lines, achieve maximum savings and have the freedom to buy from any company shown. Quotesmith.com generates revenues from the receipt of commissions, fees, content licensing and advertising revenues paid by participating insurers. Quotesmith.com also provides personalized insurance brokerage and policy placement services for its customers. Shares of Quotesmith.com trade on the Nasdaq SmallCap Market under the symbol "QUOT."

Cautions about Forward-Looking Statements

This announcement may contain forward-looking statements that involve risks, assumptions and uncertainties pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. This announcement also contains forward-looking statements about events and circumstances that have not yet occurred and may not occur. These forward-looking statements are inherently difficult to predict. Expressions of future goals and similar expressions including, without limitation, "intend," "may," "plans," "will," "believe," "should," "could," "hope," "expects," "expected," "does not currently expect," "anticipates," "predicts," "potential" and "forecast," reflecting something other than historical fact, are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Investors should be aware that actual results may differ materially from the results predicted and reported results should not be considered an indication of future performance. Reported Web site activity and/or quotes are not necessarily indicative of any present or future revenue. The Company will not necessarily update the information in this press release if any forward-looking statement later turns out to be inaccurate. Potential risks and uncertainties include, among others, Quotesmith.com's ability to successfully launch and realize revenues from new products and services, potential business risks associated with generating revenues from the insure.com platform, anticipated losses, unpredictability of future revenues, potential fluctuations in quarterly operating results, seasonality, consumer trends, competition, risks of system interruption, the evolving nature of its business model, the increasingly competitive online commerce environment, dependence on continuing growth of online commerce and risks associated with capacity constraints and the management of growth. More information about potential factors that could affect the Company's financial results are included in the Company's Annual Report on Form 10-K for the year ended December 31, 2001, and the Company's Quarterly report on Form 10-Q for the quarter ended June 30, 2002, both of which are on file with the United States Securities and Exchange Commission.

All policies contain specific insuring agreements, exclusions and conditions. No employee of Quotesmith.com is making any endorsement or recommendation in this communication regarding any particular coverage or insurance company. Quotesmith.com, Inc. dba Quotesmith.com Insurance Services in CA under agent #8027712.

Some insurance companies appear at Quotesmith.com for purely information purposes only and pay no compensation to Quotesmith.com and some insurers pay commissions or fees to Quotesmith.com based upon premium volume or traffic activity produced by Quotesmith.com. Quote availability by state or any other factor is subject to change without notice. Quotesmith.com, insure.com, LTCompare and QuotesmithPro are service marks of Quotesmith.com, Inc. All other names are trademarks of their respective owners. Copyright 2002. All rights reserved. Quotesmith.com, Inc.

SOURCE Quotesmith.com, Inc.

 

CONTACT: Bill Bland, Project Leader, (630)515-0170, ext. 285, billb@quotesmith.com

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