The newest addition to the car insurance industry is an unlikely one.
Google has just announced that they’re working on a new comparison site for consumers to buy auto insurance in America. The company has also gone ahead and taken over a smaller San Francisco based insurance comparison site.
As with everything Google does (except google plus of course) we’re optimistic with what they’re going to produce. It’s not the first time that the company has delved into competitive industries where they have no business being in.
Online Car Insurance
Car insurance is a super competitive industry, and the online environment for it is even more crazy than the one off the internet.
With the wealth of information available on the internet, consumers are getting smarter with the way they shop and the way they buy insurance. It’s not like there aren’t any comparison sites already on the internet, a new comparison site for car insurance is going to have to force it’s way in between other more established sites.
Google will earn it’s money from the commission earned when a successful sale is made.
Although insurance companies aren’t diving straight in and showing their support, many are generally optimistic and welcoming of the news. More competition on the comparison front equates to a more competitive rate for the insurance providers behind.
This isn’t something new to Google by any means though.
At least in some other geographical locations. In fact, Google launched “Google Compare” in the UK last year, which seems to be exactly what they’re trying to replicate in the US market. Obviously, Google has seen a gap in the niche for a brand aware and simple service to add to their ever growing repertoire of internet services.
The big question is whether Google can do something better than the other comparison sites currently on the market.
As it stands the information available from getting a quote from insurance comparison sites is already relatively comprehensive, and a simple duplicate of this won’t be very successful. If they can get more insurers on board, or are able to offer discounted prices, they could be a real market leader in a few years. The big problem that people currently have with insurance comparison sites is that they still need to educate themselves as to what the separate parts of the policy means. Terms like excess, third party or fully comprehensive are all unknown phrases if you’re buying your first car insurance policy.
If Google is able to simplify the process, then it means consumers will be less confused when buying car insurance. A lot of comparison sites remain fairly confusing for the auto insurance n00b, but with a more comprehensive system and simpler steps, this could really revolutionize the online insurance industry.
We’re really excited about seeing the new Google compare site launched in the US. Hopefully it will be able to spark some more competition in the industry and push each other to new limits.
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