The Pulse: Home and Auto Insurance

The Pulse of the American Consumer is focused on continued insight into consumer sentiments for businesses across all industries.

 

Home insurance and auto insurance are both valuable purchases to make to ensure your property and belongings are protected. See how consumers feel about different insurance companies, which are most popular for both home and auto insurance, and which demographics have the most insurance in this week’s The Pulse of the American Consumer. In order for businesses to have the most success connecting with their consumers, they have to understand them – what they are interested in, what they need, and how they feel. At ENGINE, we have the real-time pulse of the consumer, today, and always. Throughout 2022, we will be offering weekly insights by identifying important data points and trends from the voice of the consumer.

 

Key Findings as of January 30, 2022:

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The Pulse of the American Consumer 2022 pt 4

If you would like more information on ENGINE CARAVAN surveys, contact us below:

At ENGINE, we will be keeping up with the pulse of the consumer throughout 2022, and are regularly running our CARAVAN surveys on current social issues. Contact us at caravaninfo@enginegroup.com for more information or for the full CARAVAN survey findings.

This Online CARAVAN® omnibus surveys was conducted on January 14-16, January 21-23, and January 28-30, 2022. Approximately 1,000 adults selected from opt-in panels were surveyed. The results are also weighted to U.S. Census data to be demographically representative.

Written by the CARAVAN team at ENGINE Insights.

The Pulse of the American Consumer

Category Insights – Home & Auto Insurance

So, Who Has Home & Auto Insurance?

  • We asked: which of the following types of insurance do you currently have?
    • 82% – Auto
      • 64% Gen Z
      • 77% Millennials
      • 82% Gen X
      • 89% Baby Boomers
    • 64% – Home
      • 49% Gen Z
      • 55% Millennials
      • 59% Gen X
      • 76% Baby Boomers
    • 12% – Neither
      • 18% Gen Z
      • 12% Millennials
      • 15% Gen X
      • 8% Baby Boomers

Unsurprisingly, (89%) of Baby Boomers have auto insurance, and (79%) have home insurance.

More than (75%) of Millennials and Gen X have auto insurance while just over half have home insurance.

(64%) of Gen Z has auto insurance, and (49%) have home insurance, leaving (19%) of Gen Z with neither type of insurance.

Which Insurance Companies Do They Use?

Top 10 Auto Insurance Companies

  1. State Farm
  2. Geico
  3. Progressive
  4. Allstate
  5. USAA
  6. Liberty Mutual
  7. Farmers
  8. Travelers
  9. Nationwide
  10. American Family Insurance

Top 10 Home Insurance Companies

  1. State Farm
  2. Allstate
  3. Geico
  4. USAA
  5. Farmers
  6. Progressive
  7. Liberty Mutual
  8. American Family Insurance
  9. Nationwide
  10. Travelers

How Do They Pick Those Insurance Companies?

Top Decision Factors:

  • When selecting an insurance plan, Price (78%) and Coverage (61%) were the top two factors when deciding on an insurance plan.
    • Baby Boomers are looking for stability as they get older and need to ensure their family’s well-being. It is much more critical decision for them as they also factor in company reputation (59%), available discounts (52%) and the ease of doing business (51%).
    • (85%) of Baby Boomers who have children indicated that they are very loyal to their current auto & home insurance company plan and have no plans of switching.
    • Gen Z and Millennials rely more on online reviews (28%) and advertising (14%) for education on insurance.
    • Gen Z and Millennials with no kids in the HH are most likely to be open to switching to a different auto & home insurance provider.

Brand Loyalty to Insurance Companies

  • (71%) of consumers prefer to shop for many brands in a category.
    • (91%) of Baby Boomers are more likely to be brand loyal vs any other generation.
  • (56%) of consumers would pay a bit more for a product of higher quality.
    • (44%) of all consumers will buy a cheaper product if it meets their needs.
  • (65%) of Gen Z and (57%) of Millennials are more likely to buy from a new and emerging brand that is socially responsible, while 91% of Baby Boomers will buy from a brand that has been around for a while.
    • (59%) of baby boomers would buy products from brands they want regardless of their social responsibility.
  • (72%) of all consumers prefer to use brands that their families and friends typically use.
  • (53%) of Gen Z and Millennials prefer brands that consistently offer the latest products and services for a cool experience.
    • (63%) of baby boomers prefer brands that offer the same types of services or products consistently.