Latest automotive industry research reveals that nearly a half of consumers who use finance to purchase their vehicle have purchased insurance online. 60% say they are likely to consider buying insurance online the next time they are in the market.
The ability to apply for insurance online is also growing in importance as a reason for choosing an insurer. Established relationships, low premiums and convenience continue to be the dominant choice drivers.
The latest extract from the research report, Automotive Finance Insight, (AFI 2013), shows that AAMI has maintained its market leadership position among recent car buyers who used finance for their vehicle purchase. There are also differences in the leading insurance brands’ share of market according to the value of the vehicle purchased. Allianz and QBE perform better in the higher value than low value vehicle brackets.
Dealerships are an important channel for insurance distribution. Among those car buyers that were offered insurance by the dealer, the proportion who took up insurance via their dealer has risen slightly from 29% to 33%.
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