Findings Drawn from Study of Three Million Auto Insurance Quote Requests
Cambridge, MA, September 21, 2015 – EverQuote Inc., operator of the leading online auto insurance marketplace in the U.S., today released findings showing that marital status and occupation have significant correlation to the number of traffic violations drivers report when requesting auto insurance quotes online.
For the study, EverQuote analyzed three million auto insurance quote requests over an 18-month period to determine whether there are risk factors based on personal lifestyle.
“There are many factors that determine how much drivers pay for car insurance, and there isn’t always clarity for the consumer into what moves their premium up or down. This study really only just begins to scratch the surface of many of the variables involved in providing auto insurance quotes,” said Andrew Ressler, EVP Consumer Products at EverQuote. “With new car purchases up and gas rates low, there is a lot of movement in the auto insurance ecosystem. It’s an exciting time, and we hope these insights get people on all sides talking.”
Why does my marital status matter?
“Why did my insurance rate increase? It’s not like I changed my driving habits the day I got divorced.” That’s a frequently heard statement from drivers of all ages. The truth of the matter is that auto insurance companies calculate risks based on large pools of people with similar characteristics – and from there derive the insurance premiums necessary to provide great coverage while remaining profitable.
Analyzing self-reported violations of drivers, EverQuote broke down the results by age across three categories - single, married or divorced.
As the data shows, regardless of the age of a driver, there is a consistent difference between their average violation counts. For nearly every age group, divorcees have the highest average number of violations per 100 drivers.
Why does occupation matter?
Using the same process of analyzing self-reported violations of drivers, EverQuote looked at the relationship between occupation and number of violations. The chart below shows the average number of violations reported per 100 drivers for that occupation. In other words, for every 100 drivers that are retail professionals, there are an average 6.7 violations
|
Occupation |
Average Violations Per 100 Drivers |
|
Other Non-Technical |
7.5 |
|
Sales Inside |
7.5 |
|
Skilled Semi Skilled |
7.0 |
|
Construction Trades |
6.9 |
|
Administrative Clerical |
6.8 |
|
Retail |
6.7 |
|
Other Technical |
6.6 |
|
Manage Supervisor |
6.5 |
|
Sales Outside |
6.4 |
|
Professional Salaried |
6.2 |
|
Scientist |
5.9 |
|
Unemployed |
5.7 |
|
School Teacher |
5.6 |
|
Lawyer |
5.5 |
|
Homemaker |
5.0 |
|
Certified Public Accountant |
5.0 |
|
Engineer |
4.7 |
|
Self-Employed |
4.7 |
|
Physician |
4.3 |
|
Clergy |
4.3 |
|
Professor |
4.2 |
|
Business Owner |
4.1 |
|
Dentist |
3.6 |
|
Military Officer |
3.4 |
|
Architect |
3.1 |
“It’s very clear that there are strong correlations between one’s occupation and how often they may be cited for driving violations,” said Ressler. “Some carriers may offer discounts to those who hold certain engineering, science, or other degrees, so what you do for work can be an important ingredient in setting your premium rates. The fact is, however, different insurance carriers calculate risk differently, and we do not know for sure how these factors are considered in setting individual premiums.”
About EverQuote
Started in 2011, EverQuote, Inc. operates the leading online auto insurance marketplace in the U.S. Our data & technology platform unites drivers with agents and carriers to deliver great rates and coverage while maximizing policies sold for auto insurance providers. 90 of our 140 employees are data scientists or engineers. EverQuote ranks No. 70 on the Inc. 500 fastest growing private companies and is one of the highest-growth companies in Boston history. The company was founded with the vision of applying a scientific, data-driven approach to help consumers find the best price and coverage for their individual insurance needs. For more information, visit www.everquote.com.