Google May Soon Launch US Auto Insurance Shopping Site

(RTTNews) - Internet giant Google Inc. (GOOGL, GOOG) may soon launch its U.S. auto insurance website, a market where customers can compare and buy insurance policies, according to an industry analyst's report.

Google could soon launch Google Compare Auto Insurance Services Inc. shopping site in the US and also has license to do business in more than half the U.S., according to Forrester Research analyst Ellen Carney.

Google is also authorized to transact business on behalf of Dairyland, MetLife, Mercury, Permanent General Assurance, Viking Insurance of Wisconsin and Workmen's.

Carney also pointed out that Meredith Stechbart, the Corporate Treasurer for Google's insurance entity, has added San Francisco-based CoverHound as one of the companies she's authorized to transact on behalf of in addition to Google Compare Auto Insurance Services Inc.

Google already offers insurance comparison service for customers in UK started in 2012, with over 125 auto insurance options. Google charges fees for referrals through its services. Launching a similar service in US will help Google generate additional revenues and open up a new avenues of revenue, as its domination over search share seems to be on a downward slope.

Google's US search share dropped to 75.2 percent in December from 79.3 percent last year, according research firm StatCounter Global Stats.

Carney expects Google to launch the new service in California initially from the first quarter of 2015 and to later expand to other states. Google is already licensed to sell auto insurance in 26 states.

GOOG is currently trading at $498.44, down $4.24 or 0.84%, on the Nasdaq.