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    Car Insurance Survey PDF

    Uploaded by

    Moneylife Foundation
    Most respondents do not use online aggregators to compare car insurance premiums when buying or renewing, and over 60% automatically renew with their existing insurer. When making renewal decisions, talking to rival agents and asking friends/advisors are popular options. While over 75% check their no-claim bonus value, less than half are aware of discounts available or what own damage coverage provides, and only about a third compare final premiums online before purchasing.

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    Download as PDF, TXT or read online from Scribd

    Car Insurance Survey PDF

    Uploaded by

    Moneylife Foundation
    2K views4 pages
    Most respondents do not use online aggregators to compare car insurance premiums when buying or renewing, and over 60% automatically renew with their existing insurer. When making renewal decisions, talking to rival agents and asking friends/advisors are popular options. While over 75% check their no-claim bonus value, less than half are aware of discounts available or what own damage coverage provides, and only about a third compare final premiums online before purchasing.

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    Car Insurance Survey

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    Most respondents do not use online aggregators to compare car insurance premiums when buying or renewing, and over 60% automatically renew with their existing insurer. When making renewal decisions, talking to rival agents and asking friends/advisors are popular options. While over 75% check their no-claim bonus value, less than half are aware of discounts available or what own damage coverage provides, and only about a third compare final premiums online before purchasing.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    2K views4 pages

    Car Insurance Survey PDF

    Uploaded by

    Moneylife Foundation
    Most respondents do not use online aggregators to compare car insurance premiums when buying or renewing, and over 60% automatically renew with their existing insurer. When making renewal decisions, talking to rival agents and asking friends/advisors are popular options. While over 75% check their no-claim bonus value, less than half are aware of discounts available or what own damage coverage provides, and only about a third compare final premiums online before purchasing.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 4
    At a glance
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    The survey results indicate that most respondents do not use online aggregators or automatically renew with existing insurers. They also show low awareness of insurance terms and covers among respondents.

    According to the survey, 36.9% of respondents compare final insurance choices with online premiums from insurers' websites before buying or renewing car insurance.

    The survey found that 42% of respondents are aware that some insurers offer discounts for factors like profession and automobile association membership.

    Car Insurance Survey

    1. Have you used web aggregator sites like Policybazaar.com or Insurancepandit.com to compare car insurance premiums of different insurance companies before buying/ renewing car insurance?
    Response Percent Yes No 27.6% 72.4% answered question skipped question Response Count 118 309 427 0

    2. Do you automatically renew with existing insurer at the time of renewal?


    Response Percent Yes No 61.8% 38.2% answered question skipped question Response Count 264 163 427 0

    3. How do you make your car insurance renewal decisions? (multiple choices)
    Response Percent Listen to tele-callers from rival companies to get the best option Use online web aggregators to find best option Ask friends or insurance advisors 29.5% Response Count 91

    33.4%

    103

    63.3% Other (please specify)

    195

    119

    answered question

    308 119

    1 of 5

    skipped question

    4. Do you compare the final choice you make with the online premium from insurance

    skipped question

    119

    4. Do you compare the final choice you make with the online premium from insurance companies' website before buying/renewing car insurance?
    Response Percent Yes No 36.9% 63.1% answered question skipped question Response Count 157 269 426 1

    5. Do you think that a car dealer will give best quote for car insurance at time of purchase or renewal?
    Response Percent Yes No Can't Say 11.3% 50.0% 38.7% answered question skipped question Response Count 48 213 165 426 1

    2 of 5

    6. If you bought car insurance from your car dealer, please specify reasons for doing it? (multiple choices)
    Response Percent Claims handling will be smooth It was cheaper Offered add-ons such as emergency breakdown service Dont know Not applicable 43.7% 9.8% Response Count 165 37

    18.5%

    70

    14.8% 34.1% Other (please specify)

    56 129

    67

    answered question skipped question

    378 49

    7. Are you aware that some insurers offer discounts for different professions, age groups, automobile association membership and Automobile Research Association of India (ARAI) approved anti-theft device?
    Response Percent Yes No Not Sure 42.0% 48.4% 9.6% answered question skipped question Response Count 179 206 41 426 1

    8. Do you know the meaning of IDV (Insured Declared Value) of the car?
    Response Percent Yes No Not Sure 60.8% 28.6% 10.6% answered question skipped question Response Count 259 122 45 426 1

    9. Do you check NCB (no-claim-bonus) value on the policy every time the car insurance is purchased or renewed?
    Response Percent Yes No Not Sure 75.8% 19.2% 4.9% answered question skipped question Response Count 323 82 21 426 1

    4 of 5

    10. Are you aware of what protection Own Damage insurance cover gives?
    Response Percent Yes No Not Sure 35.7% 48.6% 15.7% answered question skipped question Response Count 152 207 67 426 1

    11. Are you aware of what protection Third Party Liability insurance cover gives?
    Response Percent Yes No Not Sure 59.9% 25.4% 14.8% answered question skipped question Response Count 255 108 63 426 1

    5 of 5

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