Millennials represent the single largest market force that is already disrupting the auto insurance industry. This generation is empowered, determined, and is already leading a different path in the modern world and auto insurance companies such as Alliance Insurance Services are forced to change their strategies to serve them effectively.
Millennials are the young adults aged between 20 and 36 years.They account for more than a third of the American population and have taken over from the baby boomers. So how are these young adults disrupting the car insurance industry?
They Aren’t Loyal to Insurance Brands
These young adults are keen to shop around for their car insurance. For instance, if they have renters’ insurance, they are less willing to purchase their auto insurance policy from the same insurance provider. The same thing happens when it comes to renewing their policies. They’ll prefer to look around for the best insurance deal since they are no motivation for them to remain loyal to a specific brand.
They are Online Consumers
Millennials are twice likely to buy their auto insurance policies online compared to their parents. This is contrary to a majority of baby boomers who still purchase their auto insurance policies from agents. Even if they don’t purchase online, this group of individuals will be more comfortable with a provider who has their rates online as well as an option to contact the insurance provider online.
Millennials Don’t Put Much value on Insurance
Although a large number of the millennials know that insurance is important, only a few of them are willing to spend their money purchasing auto insurance. Research shows that only 15 percent of the millennials in Arvada, CO believe that auto insurance is helpful. This explains why only 60 percent of the drivers aged between 19 and 30 have car insurance compared with 85 percent of the older drivers.
Are you looking for auto insurance in Arvada, CO? Contact Alliance Insurance Services today for comprehensive auto insurance.