How often do auto insurance consumers desire to shop for a new policy? This is one of many questions TransUnion seeks to answer with its Auto Insurance Shopping Index.
Focused on the general credit population, the index draws upon information from the agency's extensive database. TransUnion's database contains information concerning more than 430 million auto insurance shopping transactions dating from 2009 to 2013, providing a rich, unique data set. It also explores for a subset of the full data shopping rates for insurance policyholders.
After analyzing this data, TransUnion has concluded that consumers who shop for insurance and receive a quote are 350 percent more likely to shop again in the next year compared to policyholders who did not receive a quote. The report authors also found that more than half—55 percent—of policyholders who do shop receive two or more quotes within an annual period.
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