One in four motorists Shun shopping for car insurance
Posted on May 7th, 2011
According to a survey, around 30% of the motorists stick with the same insurer without shopping around at car insurance supermarket to find a better deal.
The most common reason cited for not switching to the existing car insurance provider is loyalty. Around 29% of the car owner wants to remain loyal to their car insurer so renew their policy with the existing provider without searching for another reasonable option.
Around 26% of the car owners think that their insurer offers them the best deal when they signed up the policy so they prefer to stay with the same provider. However, most of the insurance providers offer good discounts to the car owners for the first year to attract the customers but with time the insurer starts raising the insurance cost of the vehicle right from the second year.
Around 39% of the car owners do not prefer to shop around so they remain with same insurer for three years and 5% of them stay with the same insurer for 10 years.
One in four motorists does not shop around while buying or renewing the car insurance policy. A one in five car owner does not have enough time to shop around but with car insurance supermarket you can get low car insurance quotes conveniently. Around 16% of the respondents find it too much of hassle to find a suitable insurance quote for their vehicle so stick with their existing insurer.
The insurers depend on the customer’s apathy to retain them as the renewal notice shows the increase in premium but avoid the premium amount paid by the car owner last year.
The car insurance premium has jumped up to 40% from last year so the car owner really needs to opt the best methods to lower their insurance cost. One can search online through car insurance comparison site to get the best insurance quotes for your vehicle.
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Tags: Car Insurance, Insurance
Filed under Car Insurance News |