Car-Insurance-UK-Supermarket.co.uk
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63% prioritise buying cheap car insurance over getting the right cover3 June 2011by Donald MacKenzie A survey by direct car insurance and quote comparison website car-insurance-uk-supermarket.co.uk has found that 63% of people regard getting cheap car insurance as more important than getting the best policy. Almost a tenth (9%) said that saving money on their car insurance was all that mattered. In other words, for 9% of consumers in this country, what they are getting in terms of policy features, or indeed not getting if they select a very 'no frills' car insurance policy, is not something that they take into account before buying. Only 8% said that getting the best policy was more important than getting cheap cover while only 1% did not consider the price in making their policy selection. Just a quarter (29%) regarded saving money and getting the best policy as equally important. Therefore, only 37% regard the cover they're getting to be as important or more important than the price they pay for it. The survey sample was of over a hundred respondents nationally that voted using an optional online questionaire presented on the car-insurance-uk-supermarket.co.uk website alongside their articles. The survey was conducted in May 2011. Although the completion of the survey was optional, there is no reason to assume that it is not representative of the population in general. So, given that there are around 30m cars on our roads, as many as 2.7m drivers are buying car insurance paying no attention at all to what they're getting, being only focused on buying as cheaply as they can. These survey findings show that the high cost of motoring in general and of car insurance specifically has rendered motorists increasingly anxious to reduce their costs, even if it is at the expense of compromising significantly on their cover. The British Insurance Brokers' Association (BIBA) reported that 57% of people reduced their level of insurance cover in 2010 and the above figures would suggest that this figure may even be set to increase further this year despite the risks of buying ever more 'no frills' policies that provide limited cover and are often associated with an increased excess. Most of the leading price comparison sites have reported a marked increase in their use, especially Gocompare, consistent with the public's desire to buy cheaper motor cover following an increase in the cost of car insurance by 40% over the year to the end of March 2011 (according to the AA's Insurance Price Index). It would appear that saving money by buying cheap car insurance via a price comparison site while paying limited or no attention to the associated policy features has become the norm for the majority in this country. Understandable as it is in the context of the ever-increasing cost of car insurance, to buy an insurance product without any effective quality control, especially when using powerful comparison systems to find the cheapest of hundreds or even thousands, is a high risk approach and it is unfortunate that many policy-holders will find out too late - when a claim is needed - that you pay for what you get and by buying very cheap you expose yourself to the risk of significant later expenditure. full survey report |
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