DARIEN, IL (October 26, 2001) -- Quotesmith.com (Nasdaq SmallCap: QUOT), the only place on earth where you can get instant insurance quotes from over 300 leading companies and have the freedom to buy from the company of your choice, today affirmed its commitment to revolutionize the way people buy insurance by announcing the immediate availability of a new and improved multi-company auto insurance price comparison service that is now available to residents of 41 states.
Quotesmith.com maintains a continually updated insurance information Web site that publishes up-to-the-day accurate quotes, policy coverage information and latest financial stability ratings of more than 300 leading auto, life and health insurance companies. Visitors to the company's Web site can purchase insurance from any company shown. Quotesmith.com was founded in 1984 and began providing instant insurance quotes on the Internet in 1996.
Commenting on release of its new auto insurance price comparison service, Quotesmith.com CEO Robert Bland said, "Our new automobile insurance price comparison service is welcome news for insurance shoppers who wish to obtain instant, online quotes from several insurers all at once. We believe that this new service will greatly speed up and simplify the entire shopping process for auto insurance."
Advancing The Auto Insurance Shopping Experience
In terms of speed and simplicity, the Quotesmith.com auto insurance price comparison service can slash search times for busy consumers. Other features of this new service are:
- Instant quotes sourced directly from the home office computers of several "household name" insurers on a real-time basis.
- Accurate quotes backed by a $500 Cash Reward Accuracy guarantee.
- Freedom to purchase from any company shown.
- Automatic display of lowest premium offered by each company.
- Toll-free customer care offered 7 to 7 Central time by insurance-experienced, salaried representatives.
- Viewable A.M. Best ratings with each and every quote shown.
- Simple-to-use search parameters with automatic retention of all request information that makes all future re-quotes a snap.
- Now available to residents of all states except: AK, AL, HI, MA, ND, NJ, SD, TX & WY
U.S. Personal Auto Insurance Market Overview
At $120 billion in annual premiums, personal auto insurance represents the largest single segment of the total property and casualty market and accounts for 79% of the total U.S. personal property and casualty market. Consumers have become much more comfortable in using the Internet as a tool to look up information and obtain comparisons for rates. Industry sources have reported an increasing use of the Internet to purchase auto insurance in the past year: 90% of online consumers are interested in using the Internet for comparison shopping, and 50% have actually changed insurance companies online in the past year.
Recent Accolades for Quotesmith.com
The November 2001 issue of MONEY magazine named Quotesmith.com among the Best Places to Shop on the Web and wrote, "Not only do you see more quotes, but you also get more details about whether you qualify for the best rate." On April 24, 2001 Quotesmith.com was named as one of the Top 10 Insurance Web sites by Personal Finance Online magazine in its inaugural June/July 2001 issue.
Quotesmith.com owns and operates the industry's largest and most comprehensive insurance price comparison service. The Quotesmith.com Insurance Commerce Platform allows insurance shoppers to instantly view the best prices being offered by more than 300 leading companies, achieve maximum savings and have the freedom to buy from the company of their choice.
Quotesmith.com provides personalized customer service assistance and policy placement services for its customers and generates revenues from the receipt of commissions and fees paid by insurance companies. Shares of Quotesmith.com trade on the Nasdaq SmallCap Market Exchange 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. Expressions of future goals and similar expressions including, without limitation, "may," "will," "believes," "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 limited e-commerce operating history, 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 is included in the company's Annual Report on Form 10-K for the year ended December 31, 2000, which is on file with the United States Securities and Exchange Commission. Some insurance companies appear at Quotesmith.com for purely informational 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. This communication appears as a matter of information only and is not an insurance solicitation. Accordingly, no employee of Quotesmith.com, Inc. is recommending or endorsing any specific insurance company, coverage or policy type within this communication. Some insurance companies appear at Quotesmith.com for purely informational 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 of residence or any other factor is subject to change without notice.
Quotesmith.com is a registered trademark and/or registered service marks of Quotesmith.com, Inc. All other names are trademarks of their respective owners.
SOURCE Quotesmith.com, Inc.
CONTACT: Will Hemsworth II, Senior Vice President of Quotesmith.com, +1-630-515-0170, ext. 213, firstname.lastname@example.org /