February 26th, 2023
WalletHub published an article where Senior Lecturer of Finance, Aaron Stevens, discussed factors to consider when choosing a car insurance company.
The article 10 Best Car Insurance Companies of 2023, ranked companies based on average premiums, customer reviews, and WalltetHub editor ratings, listing Geico as number 1. Professor Stevens then offered advice to drivers choosing between car insurance companies, and went on to discuss what makes for the best car insurance company: low prices and good customer reviews, or simply being one of the ten largest car insurance companies in the U.S. In response to a question about how influential TV advertisements are in choosing car insurance companies, Stevens said,
“TV advertisement certainly builds name recognition. It is important to the insurance companies since they are selling a commodity product with few differentiating features (think: how different are bananas from one farm versus another?) Financially savvy consumers will realize that advertising is not about product features.”
