The subject of millennials comes up often in the insurance industry. From climate activism to their market potential for agents and brokers, the industry's stance is shifting as younger consumers enter the field. But just as the industry's future will depend on millennials, the younger generation will also come to depend on and need insurance — if they aren't already. Like the generations before them, millennials will need insurance to protect their homes, cars, information and much more. The difference between millennials and their older counterparts is how they go about shopping for insurance. Because millennials grew up with the internet, they're used to a world of seemingly unlimited options. As services like Netflix and Amazon proliferated, millennials' expectations for customer service and the way they shopped changed, altering the traditional experience most industries had come to expect. Perhaps no better example of this is the auto insurance market in the United States. As new players emerged and more established ones sought to maintain their market share, customers suddenly had more options than ever before. The importance of brand loyalty was soon outweighed by price and convenience. Why do millennials care about price? For starters, they pay more each year for auto insurance than other generations (drivers age 40-75) — $1,753 versus $1,395, respectively. This is partly because millennials (even those in their 30s) are still younger than about 60% of drivers — and rates depend heavily on years of driving experience. But age isn't all that matters. Insurance companies also factor things like location, marriage homeownership and credit score when setting rates. |

Methodology

To investigate auto insurance rates for millennials, Reviews.com and Quadrant Information Services to collect and analyze more than 55 million sample auto insurance rates spread across 34,500 ZIP codes in all 50 states. Rates for 152 driver profiles span a variety of ages, driver histories, coverage levels and demographic factors, such as gender, marital status, location and living arrangements. (For the purpose of this study, "millennial" is defined as anyone born between 1980 and 1996.) The 15 most popular auto insurers nationwide for millennial drivers are based on price and customer satisfaction. Average rates from Reviews.com and Quadrants Information Services are compared with satisfaction scores for customer's age 23-38 provided by J.D. Power Rating Services. J.D. Power surveys insurance customers to collect satisfaction scores based on policy offerings, price, billing, customer service and claims satisfaction. Scores are out of 1,000. The full report can be found on Reviews.com. With this in mind, explore our slideshow above to find out the 15 most popular auto insurers nationwide for millennial drivers. Related: |

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