A large number of U.K. drivers are purchasing auto insurance policies online and are quite comfortable doing so. According to a survey of 2,030 drivers, 42% say that they know more about the features and excesses of their policies now they buy it online than when they used to telephone insurers for quotes or go to local brokers. Less than 1 in 10 (8.5%) of the
Brits aren’t the only ones taking to the Web. For the first time, a majority of new U.S. buyers of auto insurance initiated their policy purchase by applying for a rate quote online, according to a new study by J.D. Power and Associates (http://www.jdpower.com/). However, unlike the Gocompare.com study, the J.D. Power and Associates study found that while 54% of insurance shoppers now report getting their quotes online, the agent channel remains vital to closing sales.
Other findings from the Gocompare.com survey include:
• A small number (14%) of respondents buy a policy based on price alone.
• More than half (52%) of UK consumers feel that financial companies do not reward loyalty. However, fewer than one in four (23%) regularly compare their financial products to ensure they are getting the best deal and 6% never check them once they've set them up.
• Twenty-two percent of drivers have noticed that their excesses seem to be increasing, and 22% have noticed that cover they expected to be standard has become an optional extra.
• One in three drivers (32%) check their renewal documents carefully for changes, and 38% assume that if they simply renew their existing insurance they will have the same cover they had last time.
