Best Car Insurance Companies | Wallet Hub

Anup Nair

M.B.A., Assistant Teaching Professor, Marketing and Management, University of Wisconsin–Green Bay

Which do you think is a better indicator of a good car insurance company: low rates or good customer reviews?

They both are co-dependent. So, it is difficult to have a binary answer. However, you can start with either, then evaluate the other factor. For example, if you picked an insurance company for their low rates, then make sure you look for their reviews. We should also bear in mind that there is a concept of paid reviews – which means you need to look for consistency in good reviews. Also, the quantity of reviews matter. Even if we consider a random percentage (say) 50% of the reviews are either fake or paid – then we should still safely be able to ascertain the scope and scale of these reviews based on the sheer volume of it.

Another aspect is to read the bad reviews as well. Sometimes, the bad reviews might shed good insight on what exactly you are risking with a particular company. The ideal company might not have the cheapest rates or all good reviews – so look for a balance. My opinion would be to first measure your budget, then look for the best-reviewed company in that range.

How influential do you think TV advertisements are when people are choosing their car insurance provider?

TV as a medium is highly influential for spreading brand awareness. No wonder then, that tech companies and even companies with only digital footprint also advertise on TV. This broadcast medium still holds sway in the consumer’s mindset. The impact may have shifted from regular daily advertising to a more event-based strategy. Nothing beats the Superbowl or marquee live sporting events for high impact, in a low timespan. In 2024, television advertising continues to evolve with the increasing adoption of Connected TV (CTV) and Over-The-Top (OTT) platforms. These technologies are reshaping the TV advertising space, offering more targeted and interactive ad experiences. Car insurance may not be the most exciting product/service – but it is still an essential financial choice. TV ads are best suited to launch/re-launch an insurance brand. If done well, consumers might be moved to, at the very least, go online and look at what they are offering – this alone will be a great conversion factor for insurance companies. The question is how car insurance companies are planning to use TV as a medium.

Source: Best Car Insurance Companies (feat. UW-Green Bay’s Anup Nair), Wallet Hub

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