Price Driving Insurance Churn
Over half of insurance holders ages 18 to 29 reported to be 'somewhat' likely to change providers in the next 90 days, according to CivicScience, which found that interest was lower among older age groups.

So far this year, 33% of auto insurance holders reported being likely to switch providers in the next 90 days.
Canva
A study of consumers’ intent to switch products or services found that one category stood out: auto insurance. Based on CivicScience consumer surveys, record levels of auto insurance policyholders intend to switch providers.
As of February, 33% of auto insurance holders reported that they are likely to switch to a different provider in the next three months. That's a seven-point increase year-over-year and the highest year-to-date switching intent since the first quarter of 2018, the data provider said.
It noted that over half of insurance holders ages 18 to 29 reported to be “somewhat” likely to change providers in the next three months, while interest was more subdued in older age groups.
While dissatisfaction is certainly a driver of churn, the report noted that even “safe” segments are at risk, 30% of satisfied policyholders intending to switch within the next three months. Unsurprisingly, affordability is the biggest concern policyholders gave, 66% ranking it the most important factor when choosing a provider.
The most commonly reported primary auto insurance provider was State Farm, but it experienced a year-over-year decline as its competitors made market share gains. Of the consumers who considered switching providers in the past year, Geico was the most commonly cited current primary provider.
CivcScience said auto insurers should focus on targeted digital engagement that addresses what matters most to consumers who are considering switching providers.
Originally posted on Auto Dealer Today
More Industry

RV Group Expands Carolina Footprint
Blue Compass RV Columbia Northeast is the 13th RV dealership owned by Blue Compass in the Carolinas.
Read More →
Agent Acumen
An Agent Summit panel of people who’ve been supporting auto dealers for years gave both timely and timeless advice for those starting out or mulling the prospect.
Read More →
Missed Maintenance Creates Opportunity
As families get back on the road and into daily school routines, service drives have an opportunity to capture customers who are behind on recommended vehicle maintenance.
Read More →
Mitsubishi Unveils U.S. Plan
The automaker announced a strategy that includes an expanded lineup and dealership presence, along with more ‘rugged’ and electric models.
Read More →
Selling to Grow
The question of whether you should sell your agency and if so, when, is up to you. But it’s a question worth asking to ensure you keep the business on the right path for yourself, employees and clients.
Read More →
Recalled Vehicles Hit 5-Year High
Though the number of events has fallen so far this year, impacted units are up significantly. Meanwhile, regulators consider consumer notification changes.
Read More →
Auto Group Acquires Top-Performing Rooftop
Car Pros sold its Kia Huntington Beach location to Sutherlin Automotive Group, marking the buyer’s third location in Southern California.
Read More →
China as Pacesetter
Automotive leaders huddled on where North America stands in the global picture and how it can strengthen its position against the Asian juggernaut’s surging industry.
Read More →
BMW Concept Car Makes Fuel to Burn
The prototype developed in concert with a South Carolina university engineering team generates more solar energy than it uses in a typical daily commute.
Read More →
South Carolina Auto Group Downsizes
Florida-based group Holler-Classic has acquired four rooftops, its first in South Carolina, from Dick Smith Automotive Group.
Read More →