More consumers than ever are buying auto insurance online, according to the "2007 Online Automobile Insurance Report" released by comScore.
Online auto insurance purchases increased by 58% in 2006, and the number of quotes submitted online grew by 15% over last year.
Growth has continued into this year, with the number of auto insurance quotes submitted online during January and February 2007 increasing by 29% and the number of policies purchased online increasing by 45% over January and February 2006.
"Consumers continue to migrate toward conducting complex financial transactions online," said Kevin Levitt of comScore. "The automobile insurers are supporting this shift with more efficient Websites and clearer communication of the value proposition for purchasing policies online."
In a strong indication of continued growth, 65% of auto insurance owners who use the Internet said that they would consider purchasing their next policy online.
Nearly 70% of those who said they would not purchase policies online want to speak or meet with an insurance professional. Half said they did not want to submit personal information on a Website.
Security was obviously a concern for a majority of insurance consumers, as 58% said that guaranteed site security would increase their likelihood of purchasing online.