Gocompare.com commissioned a new study which shows a vast majority of UK drivers use more information than just the price of the premium of the motor insurance. Another 42 per cent say that they know much more about the details of their policy now that they buy it online.
The study shows 8.5 per cent of the 2030 drivers who took part in the survey said they knew more about their policy when they used to arrange it over the phone and just 5.5 per cent felt better informed when they bought it through a broker. 11 per cent of respondents have only ever bought their car insurance online.
These results will come as a surprise to those who suggest that consumers only look at the price when comparing insurance online rather than considering the cover the different policies provide.
However, despite 52 per cent of UK consumers feeling that financial companies do not reward loyalty, less than 23 per cent regularly compare their financial products to ensure they are getting the best deal and 6 per cent never check them once they’ve set them up.
Gocompare.com also warns that more drivers should take better notice of their car insurance renewal document for increases in premiums and reductions in cover. The study found that only 32 per cent check their renewal documents carefully for changes and 38 per cent assume that if they simply renew their existing insurance they will have the same cover they had last time. However it would seem that this is not always the case.
Furthermore, 22 per cent of drivers have noticed that their excesses seem to be increasing and 22 per cent have noticed that cover they expected to be standard has become an optional extra.
Lee Griffin, of Gocompare.com commented, “It’s so important that drivers make an informed choice about the cover they need rather than simply choosing on price so it’s great to see that UK consumers now feel much more knowledgeable about the car insurance they buy. This research shows that drivers feel they now have a much greater understanding and awareness of cover levels and excesses than when they used to buy it over the phone or through a local broker and that can only be a good thing.
“But drivers who don’t routinely shop around at their renewal and don’t read their renewal notices carefully, could be missing out on considerable savings and may be unaware of their excesses increasing or their cover shrinking”.
Source : Gocompare.com
