Truthful or Not: New Consumer Study Reveals 51% of Insurance Shoppers Don’t Disclose Correct Information
CoverHound leads consumer transparency in the insurance industry
San Francisco, CA — March 22, 2016 — CoverHound, the leading digital marketplace for comparing and purchasing insurance, released today the results of a new consumer survey that analyzed its proprietary data to better understand the behavior of auto insurance shoppers. CoverHound uncovered surprising data on people’s likelihood in omitting correct information intentionally or by accident when requesting an auto insurance quote.
“CoverHound provides transparent choices and competitive rates for anyone’s insurance needs. It’s essential for people to comparison shop for the right coverage, and understand how they can get accurate insurance rates,” said Keith Moore, chief executive officer of CoverHound. “Many insurance shoppers don’t know how important it is for them to provide accurate and complete information. That’s why their initial insurance quotes are often not the final policy premiums. And that’s why CoverHound’s model is successful in achieving high customer satisfaction.”
Insurance Survey: Key Findings
Here’s a summary of the key findings from the CoverHound survey.
- - People didn’t disclose accurate info. Surprisingly, CoverHound found that 51 percent of quoted insurance shoppers provided inaccurate information either by accident or intentionally. Many shoppers requested a quote without providing correct information or forgot to include some important information to carriers. This could be due to omissions or misrepresentations of information.
- - Baby Boomers were more accurate than Millennials. Millennials provided inaccurate information by accident or intentionally six percent more than their older, Baby Boomer counter parts.
- - Homeowners were more accurate than renters. When comparing these shoppers, CoverHound found that renters are four percent more likely to omit or provide inaccurate information versus homeowners.
- - Uninsured were more accurate than insured drivers. Comparing shoppers self-reported as "currently insured" and "uninsured", "currently insured" shoppers are five percent more likely to omit or provide inaccurate information either intentionally or by accident. This may be due to shoppers misrepresenting or misunderstanding their "currently insured" status. For example, a consumer who was insured for six months but had no coverage for the past twenty days will unlikely receive the best insurance rate available for currently insured shoppers.
- - High and low risk shoppers were equal. CoverHound found only a small difference between lower and higher risk shoppers. Compared to lower risk shoppers, only two percent more of the higher risk shoppers omitted or provided inaccurate information either intentionally or by accident.
- - Men and women were also the same. Nearly the same percent of male and female shoppers omitted or provided inaccurate information either intentionally or by accident.
CoverHound has always been committed to driving innovation and instilling trust in the insurance industry. This surprising consumer data about auto insurance shoppers reinforces CoverHound’s focus on providing transparent choices and accurate insurance quotes to the consumer. Through CoverHound’s digital insurance marketplace, consumers can compare accurate rates from top carriers in real time to find the best policy, and receive a great end-to-end shopping experience.
CoverHound is an online platform for comparing and purchasing insurance, built to deliver fast, accurate and actionable rates from leading US carriers based on your specific needs. Some of the top carriers include The General, Esurance, Progressive, 21st Century, Safeco, Infinity, Mercury, Kemper, Travelers, The Hartford, MetLife, and others in 48 states to offer consumers the most competitive rates. Developed by a team with deep insurance and online financial services experience, CoverHound is dedicated to providing the best in class customer experience. For more information, visit CoverHound.com.
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