Different people look for different things when buying car insurance. While policy coverage might be the most important factor for some, some might just consider the price of the policy. COCOBarometer, a consumer initiative study, reveals six important factors that people look for when buying car insurance. This was a multiple-choice question, and respondents could opt for more than one factor. In order of the highest to lowest factor, let’s take a look at what our respondents said.
Nearly 72% of the respondents are of the opinion that policy servicing is the most important factor to look out for when buying car insurance and bike insurance. So, should one really consider policy servicing while buying vehicle insurance? Let’s answer this by understanding your association with your motor insurance provider. When you buy car insurance from an insurance provider, it is just the start of a relationship—hopefully, a long-term one. During this period, you might feel the need to make changes to your existing car insurance or bike insurance policy. If your car insurance provider services your needs correctly, and on time, there is no reason for you to complain, but if your insurance company does not consider your requests, and does not deliver the service you expect, would you continue with the same car insurance provider even if they are offering you the best car insurance? Most likely, your answer would be a no. Therefore, it is important to look for a car insurance company that not only offers good car insurance policies but also excellent customer service. To determine this, check whether you can reach the company directly—without involving your agent—through online as well as offline means. A car insurance provider that is easily accessible, and responds well to your queries, as well as offers good car insurance policies, should be your preference over a car insurance provider that just offers good car insurance or bike insurance.
After policy servicing, the second-most important factor that people consider when buying motor insurance is policy pricing. Approximately 71% of the respondents vote this as the most important aspect. The pricing of your car insurance or bike insurance plays a huge role in determining your purchase.
A car insurance company might offer the best car insurance policy at the best price possible, however if their buying process is not easy to understand, they might lose a lot of customers. A whopping 70% vote simplicity/clarity of process as the most important factor for buying car insurance and bike insurance. The process of buying car insurance should be simple as well as fast.
Approximately 64% of the respondents rate past experience with the motor insurance company as the most important factor while buying or renewing car insurance and bike insurance. One is likely to continue with the same motor insurance company only if they have been serviced well in the past. Even one negative experience such as delayed release of claims can prompt a buyer to shop for other car insurance providers in the market.
You can buy your vehicle insurance online as well as offline. When you buy the policy online, you can download and read the policy wordings to understand your policy coverage better, but often policyholders also depend on the car insurance agent to explain the nuance of the motor insurance policy. To some people, the explanation given by the agent is a determining factor to buy car insurance. Approximately 31% people consider explanation by agent as the most important factor for buying motor insurance.
When customers need assistance while buying car insurance or bike insurance, and they often look to the car insurance company telesales person for help. The explanation provided by the telecaller is an important factor to consider while buying car insurance. Nearly 17% rate this as the most important aspect.
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