Our research underlines the fact that the overwhelming majority of consumers think motor insurance is always or often over priced. Our findings suggest a degree of cynicism among consumers regarding a perceived desire among motor insurance providers to find new ways to increase premiums. This is illustrated by the number of consumers who avoid notifying motor insurance providers about minor non-claim incidents, potentially because they believe that doing so could result in further increases in their insurance costs.
But this research also reveals a strong sentiment, particularly among older consumers, that actual or anticipated loyalty to a motor insurance provider should be rewarded. It also provides further evidence for conclusions outlined in our previous report Finding (and Building) Loyalty in the Motor Insurance Market regarding consumers’ growing willingness to allow a wide range of information to be used by insurance providers to inform pricing, especially younger consumers.
Download this report to find out more about the opportunities for motor insurance providers to safeguard and grow market share by using technology to improve pricing accuracy and competitiveness; and to appeal to consumers’ expectations that any loyalty they show to a provider should be recognised and rewarded.