Each year ValChoice posts our list of the all-time five best Super Bowl advertisements. Each year we also wonder if insurance companies will join the ranks of the big spenders airing insurance ads during the Super Bowl.
Unfortunately, 2021 marks the year big spending insurance companies could no longer resist the temptation to buy Super Bowl ad time. A 30-second ad for Super Bowl 55 reportedly cost $5.6 million. The first company to pay this exorbitant price was State Farm. Shortly after the Super Bowl Allstate piled in spending millions of policyholder dollars as well.
Forget about the price of insurance for a moment. What do you want from your insurance company? Do you expect insurance companies to pay the claims that are covered by the insurance you purchased? If so, get a ValChoice score on your insurance company. We measure value, claims handling and service. We rank every company with a score from 0 to 100. Yes, there are companies that score 0. Click the buttons below to get a free rating on your insurance company.
Insurance Ads and Advertisers
Naturally, the ad by State Farm was based on telling consumers State Farm has great prices. Shockingly, State Farm, GEICO and Progressive each spend billions per year on insurance ads promoting what great prices they have. Yes, you read that right. State Farm, GEICO and Progressive EACH spend more than a billion dollars per year on advertising.
Most consumers agree that insurance ads are everywhere. Until now, the Super Bowl was a welcome break from this deluge of insurance ads. No longer. Now that State Farm took the step to buy Super Bowl ads we expect the other big spenders will follow. Yes, this is a sad day for sports fans.
The Insurance Advertising Challenge
The ValChoice insurance advertising challenge is for insurers to offer transparency instead of insurance ads. Transparency is powerful. Transparency lets consumers know which companies offer the best value and the best quality. With transparency, advertising budgets could be dramatically reduced. Importantly, this would greatly benefit policyholders of the big advertisers. The reasons:
- More of the consumers money would go toward the purchase of insurance coverage instead of insurance ads
- Companies would strive to perform better for policyholders
Below is an example of how the best insurance companies can easily promote transparency. ValChoice offers a widget called the Comparison Tool. Both insurance companies and their agents can post this widget on websites, blog posts and social media. The comparison offered below is between Co-operative Insurance Companies and any other company that sells auto insurance in the state of New Hampshire.
Click the FREE COMPARISON button below and try the Comparison Tool. You will immediately see how every auto insurance company that does business in the state compares.
At last, insurance companies can stop spending large sums of money on advertising. Instead, consumers will be able to evaluate insurance companies based on independent third-party analysis. The insurance industry will save billions of dollars by not advertising. The best performing companies will be rewarded by winning new business without the need for a large advertising budget.
Shopping for Insurance in a Market Driven by Big Advertising Budgets
Insurance shoppers can find a list of the best auto and home insurance companies in each state on ValChoice.com. Simply click the buttons below and go to your state to find the best companies where you live. Notably, it’s very rare that the biggest advertisers appear in these lists. Remember, you’re buying insurance, not stock in an advertising company.
Note: ValChoice does not receive compensation in exchange for rating insurance companies. We rate every company in the industry. In fact, we rate every company in every state where they do business. ValChoice tools are available to insurance agents. Agents use the tools to share information with customers and prospects on how well companies perform for value, claims handling and service.
The State Farm Super Bowl 55 ad can be found at this link.