Mike Burgiss shares insights into DealerPolicy’s recently released “Automotive Retail & Auto Insurance Trends for 2021” report. He also discusses the evolving consumer path to purchase, including the adoption of new digital auto insurance tools.
DealerPolicy, Inc. is a technology, data, and platform company, and is not an insurance company or agency. DealerPolicy Insurance Agency is a wholly owned subsidiary of DealerPolicy, Inc. DealerPolicy Insurance Agency is an independent insurance agency and is licensed to sell insurance to consumers in all states except AK, and HI. Licensed Sub-Producer entity can participate in insurance commissions when customers renew their policies. Renewal commissions are paid by DealerPolicy Insurance Agency to licensed Sub-Producer.
In the discussion, Mike mentions several statistics. Here’s a bit more about them and the latest data:
- The average DealerPolicy Insurance customer who saves gains $64 per month ($768 per year) back in their budget. Based on average auto insurance savings on new DealerPolicy Insurance auto policyholders nationwide in 2020 who reported savings. Potential savings will vary.
- The average DealerPolicy Insurance customer who saves gains $3,724 in buying power toward their vehicle. Based on policies with savings sold nationwide by DealerPolicy Insurance Agency in 2020; based on used car APR of 9.5%, new car APR of 5% and a 72-month loan term. Potential savings will vary.
- DealerPolicy Insurance generates an average increase of 34% on back-end gross. Based on 26,454 vehicle transactions between July 2019 and February of 2020, comparing deals in which the car buyer purchased insurance from DealerPolicy Insurance to non DealerPolicy Insurance deals.