Visitors to the company’s website select what type of coverage they want and how much, and are then asked to answer standard questions about their finances and health. The site has logged 300,000-plus users since its inception in July 2014, according to Fitzgerald, who adds that more than half of customers are millennials. “It can feel very intrusive, like, why is this guy asking me all this stuff?”īased in Brooklyn, N.Y., PolicyGenius sells life and disability insurance, along with policies that cover renters’ possessions and pets. Insurers “still expect folks to deal with a face-to-face agent, and that’s just not how most people, particularly younger people, do things,” says Jennifer Fitzgerald, who co-founded PolicyGenius with Francois de Lame. A 2014 Gallup poll found that millennials, born between 19, are more than twice as likely as other generations to buy their policies online as through an agent. PolicyGenius, an online insurance brokerage, is chasing the kind of customer who would rather fill out a detailed profile on a website than open up to a total stranger. Insurance for the Agent-Averse PolicyGenius caters to millennials who prefer to shop online You can see more data and the full methodology in the Policygenius Car Insurance Affordability Survey report available via this website.Bloomberg Business, August 20, 2015. The survey was carried out online from April 12 through April 14. Policygenius commissioned YouGov to poll 2,780 American adults (aged 18 and), 2,134 of whom confirmed having car insurance. Car insurance is getting expensive for most people,” said Andrew Hurst, licensed property and casualty insurance expert at Policygenius. “Our survey found that people are changing their behaviors, and sometimes even going so far as to take a major financial risk by driving completely uninsured.

25% said they switched companies in the last 12 months because their car insurance was too expensive.

36% said they had thought about changing car insurance companies because of high rates in the past year but haven’t switched yet. Younger drivers (18 to 34) were the most likely to have switched or considered switching car insurance companies because of high costs. 45% of insured drivers ages 18 to 34 say they’ve thought about driving without car insurance because of the cost in the past year, and 17% have actually done it. Policygenius said these situations appear to be especially true with many millennials and Gen Z - more than half (55%) of drivers age 18 to 34 are stressed about being able to afford auto insurance and 24% say that they’re “very stressed.”

Policy genius costs