Just days after Overstock.com, Inc. announced it is now offering insurance for vehicle, residential and small businesses on its online shopping site, Walmart says it is offering customers online comparisons for auto insurance.
In a series of media releases—nine in English—beginning with the phrases like “Attention Drivers,” “Attention Arkansans,” followed by an exclamation point, the discount retailer announced it is working with AutoInsurance.com to bring customers in nine states a “first-of-its kind auto insurance comparison service that helps drivers quickly buy and save significantly on policies.”
The states are Arkansas, Louisiana, Mississippi, Missouri, Oklahoma, Pennsylvania, Tennessee and Texas, Walmart said in a statement about all eight offerings.
AutoInsurance.com will provide customers with multiple quotes from many of the leading national insurance carriers, including Progressive, Esurance, Safeco, The General and others within minutes, Walmart said.
AutoInsurance.com, which is operated by a licensed property/casualty insurance agency—Tranzutary Insurance Solutions LLC—was created after Walmart had the idea that there needed to be a better way for customers to compare, buy and save on auto insurance, according to the statement.
Essentially, AutoInsurance.com is a service that helps customers compare, buy and save on auto insurance policies from multiple national insurance carriers online or by phone.
In Monday’s announcement from Overstock.com, the online shopping site said it has partnered with Insuritas to launch of its virtual insurance agency solution.
Walmart said on Wednesday that it launch follows a successful pilot that took place in Pennsylvania last year, in which customers who purchased policies from AutoInsurance.com and reported their savings reduced their annual insurance costs by $1,168 on average.
Each state announcement released on Wednesday provides a figure from the National Association of Insurance Commissioners revealing how much auto insurance customers pay annually for insurance in the state currently.
In Wednesday’s statement, Daniel Eckert, senior vice president of services for Walmart U.S., said: “Our business is driven by a commitment to taking products and services that are complex and pricey and making them easy and affordable.”
“Our customers too often have to settle for auto insurance policies that aren’t the best fit and cost more than they want to spend. With AutoInsurance.com, we’re helping our customers save money on one of their largest household expenses in a new, quick and easy way.”
The statement specifically details the difficulties that younger consumers face in buying car insurance. Referencing results of and AutoInsurance.com survey, Walmart reports that one-in-five millennials spends more that 10 percent of their monthly income on auto insurance. The comparable figure for baby boomers is one-in eight.
In addition, 42 percent of millennials say they lack confidence in making their auto insurance purchasing decision compared to 81 percent of baby boomers who do feel confident, the survey found.
Across all age groups, Joshua Kazam, founder of AutoInsurance.com, reported that while nearly 90 percent of people comparison shop online for products and services like airline tickets, only one-in-five comparison shop for auto insurance.
“We want to make comparison shopping for auto insurance much simpler and faster for everyone who wants to save money on their premiums,” Kazam said. “We believe strongly in the power of comparing. It’s how you know you got a great deal on auto insurance.”
The statement goes on to gives step-by-step detail of how the auto insurance “one-stop shopping” process will work for Walmart customers, starting with logging onto the site and providing identification information: name, address, date of birth and contact information.
They can also then opt-in to have the site retrieve their current auto insurance policy, allowing AutoInsurance.com to prefill most of the necessary coverage information.
“In just minutes, the customer is provided multiple quotes from leading carriers,” and allowed to customize their coverage, including deductibles, and see those choices immediately reflected in the quotes.
They can choose to purchase the policy online immediately, speak with a licensed agent at a toll-free number, or save their information and make the purchase later.
As the exclusive retailer and marketing partner of AutoInsurance.com, Walmart customers will be able to access the service directly from its website at www.walmart.com/autoinsurance.
AutoInsurance.com is a service that helps customers compare, buy and save on auto insurance policies from multiple national insurance carriers online or by phone. Tranzutary Insurance Solutions LLC, which does business as AutoInsurance.com currently in 40 states, is a licensed property and casualty insurance agency. The company is based in Fort Lee, New Jersey with licensed agents in all 50 states operating out of a call center in Charlotte, N.C.
Source: Wal-Mart Stores, Inc.