Auto Insurance Lead Generation Strategies: Comparison Shop Every 6 Months

June 8, 2018
Auto Insurance Lead Generation Strategies

Many auto insurance agents would like to know how to generate leads without cold calling endless new prospects. And the truth is you don’t need an endless fire hose of new leads. You can prospect your backburner and cool leads every 6 months and win new business.

It’s one of the best lead generation strategies around for aged auto leads. Every agent knows that something is always changing — in the industry or in your prospects’ lives — that can give prospects a better rate or better coverage. Your job is simply to spark that curiosity in your leads. Remind them it’s time to comparison shop with these prompts.

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If They’ve Had a Birthday

Another year older is a good thing when it comes to car insurance rates. The older a driver gets the better the rates they can qualify for, up to about age 60. Experienced drivers statistically do better behind the wheel. So whether your prospects are turning 20, 26, 36, and so forth, there’s an increased chance they could save since their last policy renewal.

If They’ve Moved

Location matters to underwriters — both where your prospects park their cars and where their vehicle spends most its time. Areas with high crime, high population density, and even bad weather, can have higher insurance rates. So, if your prospect has moved to the suburbs or now parks in a garage, they could get a better rate.

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If Their Credit History Has Improved

Most states allow consideration of credit scores to determine a customer’s premium rate. This can be a good thing for your prospects who have gotten their finances in order since their last renewal. As bankruptcies, foreclosures, collections, and even late payments age off credit reports, a prospect could see their premium go down.

If Their Driving Record Has Improved

Similarly, traffic tickets and accidents fall off a person’s driving record for insurance purposes after about 3 to 5 years. So as time passes, available rates could improve automatically for drivers with past accidents or traffic violations.

If They’ve Bought a Home, Graduated, or Gotten Married

Life changes can also have a big impact on insurance rates. Besides birthdays, getting married, graduating from a higher education institution, and buying a home can all reduce your prospect’s car insurance rates.

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Because Their Car Has Depreciated

A car loses value almost as soon as you drive it off the dealership lot. Depreciation means a car costs less to insure as it ages, which could save the owner money on insurance if they reassess. Research has shown that owners of 5-year-old cars spend 20% less on insurance than owners of a new car.

Because Rates Fluctuate

Insurance rates fluctuate throughout the year for a number of reasons. Everything from population changes, to a crime wave, to an uptick in damaging storms, could affect the rates that a carrier offers from day to day and month to month. While daily rates don’t vary much, rate variances over a 6-month period can be enough to make it worth switching.

Because Government Regulations Change

Another thing that’s always changing is the state laws affecting insurance regulations. Almost every year, these regulations get small updates — whether it’s a carrier asking for the approval of a rate hike from the state insurance department, or a rollback in the minimum coverage requirements for an insured driver. Those changes can translate to savings for some drivers.

Because It’s Been Awhile Since They’ve Priced Coverage

Even if nothing notable has changed for your prospects, it’s still a good idea for them to check rates every 6 months. That’s because maintaining insurance, paying premiums on time, and keeping a good driving record could be enough to lower a driver’s premium. Continuously insured discounts and loyalty discounts can save customers up to $100 a year over first-time insured drivers.

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Final Thoughts

Auto insurance rates change often enough that it’s well worth the trouble for your customers to comparison shop every 6 months to see if they could save. This is a great prompt for your cool and backburner leads to request a new quote to see if they can save enough now to switch and become your customer. And if you work with aged auto leads, this is also a great ice-breaker, to let new prospects know that they could save hundreds just by requesting a new quote.

Get started today with a fresh supply of high-quality aged leads from The Aged Lead Store. You’ll find thousands of sortable aged leads, ready to boost your sales, whether your business is auto, life, health, Medicare supplement or homeowners insurance, annuities, auto warranty coverage, or mortgage refinance.

About Troy Wilson