Many car insurance products are marketed as “easy to find” or “quick and simple”. Car insurance is however not simple – but rather complex and needs a bit of time and attention. We have previously written that lazy consumers will not find the correct car insurance products and would like to discuss why we believe that care, time and attention are still required to find the correct car insurance.
Technology and innovation from car insurers have streamlined the process of making products available to the consumers. There are affordable products available for the most basic of needs – products stripped of “extras” to be found with ease via aggregators. This however does not mean that car insurance is “simple”!
I believe it is important to face the facts about car insurance and focus on the challenges facing the consumer.
Many providers / Wide product range
There are today much more variety in providers and products than a decade ago. With the internet and online-businesses of today we have seen an increase in the number of insurance providers, an increase in competition and an increase in car insurance products.
Car insurance Aggregators / Comparison Websites
Insurance aggregators and comparison websites have become business in their own right, feeding off all these other providers and assisting the consumer to select from the maze of offerings available.
The consumer can benefit from the assistance provided by these portals – but has to remain vigilant to which providers are included and excluded from the quotation process, the independence of the aggregator or comparison website etc.
Terms and Terminology
With so many new products and specialization there have been an increase in the terms and terminology to be found in car insurance policies. Financial services legislation drafted with the objective of protecting the consumers has increased the “fine print” required and included in policy documents.
More attention is required by the consumer before signing a car insurance policy document – a document which is no longer a 2 or 3 pager but rather a lengthy document.
Brokers / Direct Insurers
There is more choice available to the consumer as to finding the correct insurer. Some might still use a broker and this broker is less likely to work only as an agent of one specific car insurance company.
The client might decide to purchase car insurance through a direct insurer. There are now a variety of direct insurers operating in the car insurance segment of the financial services industry. Some might even focus on a specific gender group and other will focus on specific categories of vehicles.
It might be important to keep in mind that all the legislation and the increase in offerings and competition are to the benefit of the consumer – but only to the consumer who is willing to put in the work and time to sift through the information overload and find the correct product to meet his needs!
To say that car insurance and finding the best car insurance is simple – is simply not true!!
Similar Posts:
- Finding car insurance by switching car insurance providers
- How much are you paying your car insurance Broker? Is that too much?
- Can you say, that is the best car insurance company?
- Rise In Car Insurance Deals Online With New Insurance Products
- J.D. power & associates – consumers who combine policies are dissatisfied
