One major car insurance comparison site commissioned the research, which found that a substantial majority of motorists in the UK will conduct thorough research instead of just deciding on a the policy with the best car insurance rate. Additionally the survey found that 42 per cent of respondents said that they had become more informed as to the excesses and features of their policies after purchasing them online.
Out of the 2030 motorists that were surveyed, less than 1 out of every 10 remarked that they actually knew more about their policies when they used to arrange it via the phone. Moreover, just 1 out of every 20 motorists felt that securing car insurance cover through a broker was better for them, while 11 per cent of those surveyed reported only ever purchasing motor car insurance online.
These results may come as a shock to those who have made the suggestion that consumers value the lowest price when shopping around for the best deals. However, the survey did find that less than one out of every four consumers regularly compare their car insurance renewal documents to other offerings on the market to make sure they’re getting the best deal – despite 52 per cent expressing that they felt loyalty towards insurers goes unrewarded.
In the wake of the survey results, industry experts urged motorists to take better notice of their renewal prices, especially if their rates go up but their level of cover goes down. Only one third of UK motorists carefully check their renewals for any such changes, the survey discovered.