OAI: Survey Shows Car Insurance Shoppers Need More Coverage Knowledge
/EINPresswire.com/ A survey from Erie Insurance shows consumers believe they aren't getting too much info on price and not enough about the implications of different coverage options.
A new survey from Erie Insurance showing that nearly 3 out of 4 respondents who shopped for coverage believe television ads focus so much on price that they feel uninformed about options emphasizes the need for consumers to rely on several sources for coverage information, according to Online Auto Insurance.
The survey showed that the vast majority of the 360 adults surveyed relied on TV and websites for their shopping info. Television ads narrowly led websites as the main source for information (34 percent to 32 percent) on where to find cheap car insurance policies.
Thirty-nine percent of those surveyed said websites were best at informing them of their coverage options. Twenty-eight percent of respondents said it was TV ads, an alarmingly high rate when most of such ads put little attention on coverage types and options.
Eight out of 10 respondent agreed with the survey's statement "it's impossible to watch TV nowadays without seeing a commercial for car insurance," with about three-fourths saying the emphasis on price overshadows more important information regarding coverage.
This may be the reason that more Americans feel unsure if their type is adequate for their needs. A 2010 Insurance I.Q. study from the National Association of Insurance Commissioners of 1,000 consumers showed that, while many Americans say they are confident when it comes to coverage, they may not be as knowledgeable as they think. Although three-fourths of respondents said they took coverage costs into account when planning yearly budgets, only 41 percent of respondents in that study said they felt knowledgeable when making insurance decisions. Those surveyed answered a low average of four out of 10 questions correctly.
The Erie survey also showed that responders believed they were uncertain of whether or not their policy was adequate, with 40 percent of those surveyed agreeing with the statement "most people have less coverage than they should have." Just under half agreed that "different coverage options on policies can be confusing," and 41 percent agreed that they're "never quite certain if they've made the right decisions about their … policy options."
Consumers can get state-specific details about coverage by checking out consumer guides issued by state regulators. Those who want to do so can access their state regulator's website through the directory provided at http://www.usa.gov/directory/stateconsumer/index.shtml to find information on what kind of coverage types are necessary and what sort of losses they provide protection for.
OAI recommends that consumers stay on top of their options when shopping because advertisements constantly promote price, discounts and deals. According to the Erie survey, 48 percent of respondents agreed with the statement that "there's so much attention on discounts nowadays that it's hard to believe there's really much different among ... providers."
To learn more about this and other consumer-related issues, go to http://www.onlineautoinsurance.com/cheap/ to generate comparisons of coverage types and prices among a handful of insurers.
About OnlineAutoInsurance.com: OnlineAutoInsurance.com supplies informative resources for consumers seeking to understand the finer points of coverage and quote-comparison services for shoppers looking for the best rates on a policy.
Media Contact:
Charles Nguyen
Online Auto Insurance
9097842475
http://news.onlineautoinsurance.com
PR courtesy of Online PR Media: http://bit.ly/H6wCNj
A new survey from Erie Insurance showing that nearly 3 out of 4 respondents who shopped for coverage believe television ads focus so much on price that they feel uninformed about options emphasizes the need for consumers to rely on several sources for coverage information, according to Online Auto Insurance.
The survey showed that the vast majority of the 360 adults surveyed relied on TV and websites for their shopping info. Television ads narrowly led websites as the main source for information (34 percent to 32 percent) on where to find cheap car insurance policies.
Thirty-nine percent of those surveyed said websites were best at informing them of their coverage options. Twenty-eight percent of respondents said it was TV ads, an alarmingly high rate when most of such ads put little attention on coverage types and options.
Eight out of 10 respondent agreed with the survey's statement "it's impossible to watch TV nowadays without seeing a commercial for car insurance," with about three-fourths saying the emphasis on price overshadows more important information regarding coverage.
This may be the reason that more Americans feel unsure if their type is adequate for their needs. A 2010 Insurance I.Q. study from the National Association of Insurance Commissioners of 1,000 consumers showed that, while many Americans say they are confident when it comes to coverage, they may not be as knowledgeable as they think. Although three-fourths of respondents said they took coverage costs into account when planning yearly budgets, only 41 percent of respondents in that study said they felt knowledgeable when making insurance decisions. Those surveyed answered a low average of four out of 10 questions correctly.
The Erie survey also showed that responders believed they were uncertain of whether or not their policy was adequate, with 40 percent of those surveyed agreeing with the statement "most people have less coverage than they should have." Just under half agreed that "different coverage options on policies can be confusing," and 41 percent agreed that they're "never quite certain if they've made the right decisions about their … policy options."
Consumers can get state-specific details about coverage by checking out consumer guides issued by state regulators. Those who want to do so can access their state regulator's website through the directory provided at http://www.usa.gov/directory/stateconsumer/index.shtml to find information on what kind of coverage types are necessary and what sort of losses they provide protection for.
OAI recommends that consumers stay on top of their options when shopping because advertisements constantly promote price, discounts and deals. According to the Erie survey, 48 percent of respondents agreed with the statement that "there's so much attention on discounts nowadays that it's hard to believe there's really much different among ... providers."
To learn more about this and other consumer-related issues, go to http://www.onlineautoinsurance.com/cheap/ to generate comparisons of coverage types and prices among a handful of insurers.
About OnlineAutoInsurance.com: OnlineAutoInsurance.com supplies informative resources for consumers seeking to understand the finer points of coverage and quote-comparison services for shoppers looking for the best rates on a policy.
Media Contact:
Charles Nguyen
Online Auto Insurance
9097842475
http://news.onlineautoinsurance.com
PR courtesy of Online PR Media: http://bit.ly/H6wCNj
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