Alyssa Lane
EverQuote is an online insurance matchmaker founded in 2011 and headquartered in Cambridge, Massachusetts. It connects consumers to insurance agents, allowing them to compare rates and choose the best coverage. However, there have been numerous complaints about the company on Trustpilot, with many users reporting excessive and harassing phone calls, false advertising, and concerns about their data being sold. EverQuote has responded to these reviews by stating that they sell user data to insurance companies for a fee, which is how they make their money. Despite the negative reviews, EverQuote continues to operate and offer its services to those seeking insurance. So, is EverQuote insurance services legit?
| Characteristics | Values |
|---|---|
| Founded | 2011 |
| Headquarters | Cambridge, Massachusetts |
| Services | Online insurance matchmaker |
| Partners | Progressive Insurance, SmartFinancial Insurance |
| Business Model | Lead generation company for auto insurance |
| Offerings | Home, life, health, and commercial policies |
| Third-Party Providers | Bold Penguin |
| Cost | Free |
| Average Annual Cost of Policies | $1,192 a year |
| Customer Experience | Negative reviews citing excessive calls and false advertising |
What You'll Learn
EverQuote's business model
EverQuote is an online insurance marketplace that helps consumers compare quotes on car, life, and home insurance. The company's business model relies on spending variable marketing dollars to pull in traffic and generate leads for its insurance partners. When market conditions are favourable, EverQuote can invest in customer acquisition to drive more policy sales. Conversely, during challenging periods, the company can reduce its spending on marketing to preserve cash.
EverQuote's primary revenue stream comes from referral fees charged to life, auto, and home insurance agents. In 2017, the company generated a total revenue of $126.2 million, with $119.3 million, or 94.5%, coming from auto insurance referrals. However, while revenue from auto insurance referrals decreased slightly from 2016 to 2017, revenue from home and life insurance more than doubled during the same period.
EverQuote provides a product called EverQuote Pro, which insurance carriers and agents can use to access marketplace data such as consumer type, volume, and referral pricing. Additionally, EverQuote Pro offers campaign management tools that enable carriers and agents to target specific consumers based on various attributes. By using EverQuote Pro, insurance providers can more effectively reach consumers who match their specific requirements, improving the efficiency of their marketing efforts.
EverQuote's acquisition of Crosspointe, a direct-to-consumer health insurance agency, in September 2020, marked a significant growth lever for the company. This acquisition provided EverQuote with a non-advertising business and expanded its presence in the health insurance sector.
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Customer reviews
Many negative reviews mention the issue of unwanted contact, with some reviewers stating that they received numerous calls, even after blocking the number and requesting to be taken off EverQuote's call list. Some reviewers also mention being contacted by insurance companies or scammers who they believe bought their information from EverQuote. These reviewers express concerns about the privacy of their personal information and feel that their details were used as a marketing ploy.
On the other hand, some positive reviews mention that EverQuote helped them find a good insurance deal and save money. One reviewer mentions that they were connected with an agent who compared rates for them, while another reviewer states that EverQuote is a great place to start when comparing auto insurance companies.
EverQuote is a free insurance comparison service that matches consumers with insurance carriers, brokers, and agents from reputable companies. The company does not underwrite policies directly but helps business owners find the right policy by shopping around with various carriers. It is important to note that EverQuote itself is not an insurance carrier, and its partner companies are the ones with data maintained by the National Association of Insurance Commissioners (NAIC). Business owners can search the NAIC complaint index for the company EverQuote pairs them with to better understand customer satisfaction with that specific company.
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EverQuote's partnerships
EverQuote is an online insurance matchmaker founded in 2011 and headquartered in Cambridge, Massachusetts. It operates as an independent insurance marketplace and is a free service that helps consumers compare quotes on auto insurance.
EverQuote has partnered with several companies to improve its services. In 2023, the company partnered with DMVGO, allowing users to go straight from DMVgo.com to EverQuote.com to compare insurance rates and take advantage of special offers and discounts.
EverQuote also has a Technology Partners Program that strengthens the relationships between agencies, lead management software (LMS) providers, and software companies. The program was initiated with LMS providers Ricochet360, Blitz, Agency MVP, and DYL. These partnerships are designed to help mid-to-large-sized insurance agencies leverage technology to improve contact and conversion rates and increase return-on-investment.
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EverQuote's services
EverQuote is an online insurance matchmaker founded in 2011 and headquartered in Cambridge, Massachusetts. It is a marketplace that connects consumers to insurance agents and companies. It is free for users to browse the EverQuote site and connect with agents. Instead, EverQuote makes money from the insurance companies, who pay a fee for the referral. The average annual cost of policies through EverQuote is $1,192 a year, but the cost of your policy varies based on several factors.
EverQuote works with insurance providers and can connect consumers with carriers in all 50 states. It offers major commercial insurance lines, including business owners, general liability, professional liability, commercial auto, and workers' compensation. All commercial insurance is offered through a third party, Bold Penguin.
EverQuote initially made its name as a lead generation company for auto insurance. It has since expanded its services to include home, life, and health insurance. In addition, EverQuote offers a comparison tool that allows users to compare insurance quotes from multiple companies.
There have been some negative reviews of EverQuote, with some customers complaining about receiving excessive phone calls and feeling that their information was sold to insurance agents. However, it is important to note that these are individual experiences, and the number of positive reviews may differ.
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EverQuote's cost
EverQuote is an online insurance matchmaker founded in 2011 and headquartered in Cambridge, Massachusetts. It is one of the fastest-growing technology firms in Cambridge and Boston history. The company's vision is to become the largest online source of insurance policies by using data, technology, and knowledgeable advisors to make insurance simpler, more affordable, and personalized.
EverQuote provides free and fast auto insurance quotes. It can match you with insurers that best fit your needs and preferences. The average premium paid for full coverage is about $138 a month, based on premiums reported by EverQuote users. This is based on good drivers with a "typical" level of coverage. You can, of course, spend less by buying less coverage, but this might not be the best decision in the long run if you end up in an accident.
Rates can vary quite a bit when you compare car insurance because insurance companies all have their own way of calculating prices. Factors that are generally used in auto insurance quotes include the age and driving experience of the driver, moving violations such as speeding tickets, past claims and accidents, and how and where the vehicle is used and parked.
EverQuote has received mixed reviews on Trustpilot. While some users have complained about excessive and unwanted calls, others have found the service helpful in finding the best insurance deals.
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Frequently asked questions
Yes, EverQuote is a legitimate company founded in 2011 and headquartered in Cambridge, Massachusetts.
EverQuote is an online insurance comparison tool that connects consumers to insurance agents. It works with insurance providers and has the ability to connect consumers with carriers in all 50 states. It offers everything from home, life, health, and auto to commercial policies.
It is free for users to browse the EverQuote site and connect with agents. Instead of a subscription service, EverQuote makes money from the insurance companies that pay a fee for the referral. The average annual cost of policies through EverQuote is $1,192 a year, but the cost of your policy varies based on several factors.
EverQuote's quotes are not necessarily accurate. While it connects you to multiple insurance companies and helps you compare rates, the final quote may differ from the initial quote provided by EverQuote.
Customer reviews of EverQuote are mixed. While some appreciate the convenience of comparing multiple insurance options, others have complained about excessive phone calls, false advertising, and selling of personal information.
