Customers happy to buy car insurance online
- Details
- Published on Tuesday, 06 September 2011 15:13
Around 86% of consumers are comfortable with researching and buying motor insurance online without professional advice, according to a financial research company.
Read more: http://www.postonline.co.uk/post/news/2106907/customers-happy-car-insurance-online#ixzz1XClnzkBm
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Defaqto said, however, this placed greater onus on people to understand and focus on policy features, rather than price alone when comparing policies to ensure they arrange cover that meets their needs.
Its analysis found 95% of comprehensive car insurance policies would replace a new car if it were to be written off or stolen.
But the period within which this provision applies varies between policies ranging from 12 to 24 months; and threshold of damage required for a new car to be replaced also differs across the market, with the cost of repair required for the full replacement ranging from 50 to 70% of the car’s list price.
In addition, although the 57% of policies offer a new car replacement for vehicles imported from overseas, the remainder, a significant minority of policies, will not extend to cover them.
It warns that anyone looking to purchase a new car over the coming weeks should check the level of cover for new vehicles provided by their current motor insurance or any policy they want to arrange.
Mike Powell, Defaqto’s Insight Analyst for General Insurance said: “To ensure they get the right type and level of cover for their new car, people need to focus first and foremost on pinpointing the features they need from an insurance policy and identifying the policies that provide that cover.”
He added price was important but buying the cheapest cover available could end up being the most expensive option if it does not provide adequate cover for someone’s new car.
Source: postonline.co.uk, by By Chinwe Akomah
