74% of customers buy auto insurance online, according to Policybazaar survey – News



Almost 68 percent of those surveyed see the claims settlement ratio as the primary factor in choosing an auto insurance provider.

Policybazaar UAE, a preferred online insurance aggregator, conducted a survey to uncover consumer attitudes and behavior towards purchasing auto insurance. The survey covered over 10,000 participants from the region to help Policybazaae.ae undertake a comprehensive analysis of the auto insurance industry in the UAE. The overall survey results revealed that 74 percent of people preferred to buy auto insurance online. Buying auto insurance online provides customers with great flexibility as well as the convenience of choosing from a plethora of options.

According to the UAE RTA law, it is mandatory for all vehicle owners to take out auto insurance. The survey deepened the understanding of customer preferences on various parameters. Besides choosing their preferred platform to search for insurance plans, the survey also revealed the preferred way to review quotes and the way to make payments when buying insurance. automobile. 96 percent of respondents were those who preferred to view insurance quotes online before making a purchasing decision. In addition, it was also found that 93 percent of those surveyed prefer the online payment method and only 7 percent chose the offline payment method when purchasing auto insurance.

When comparing auto insurance between providers, customers can find different features and benefits that they can benefit from. Policy seekers can choose the best add-ons like zero depreciation, 24/7 roadside assistance, agency repair, or the benefit of a replacement car as they see fit. Comparing fonts online can help choose a specific font that offers the best value for money after knowing all the inclusions and exclusions.

Interestingly, 68 percent of those surveyed in the region have purchased fully comprehensive auto insurance while only 32 percent have purchased third-party auto insurance, meaning more people in the region are inclined to purchase. comprehensive auto insurance. The comprehensive auto insurance policy includes TPL coverage as well as the cost of repairing or replacing your own vehicle whether or not you are at fault. Apart from that, it also covers damage to his car due to natural disasters, man-made disasters and theft.

Almost 68% of those surveyed consider the claims settlement rate to be the main factor in choosing an auto insurance provider, followed by other factors such as the reputation of the insurer, the additional coverages provided and, and finally, the police premium. This means that 68% of customers look at the features and benefits of the policy as the deciding factors instead of choosing lower premium plans before opting for their auto insurance provider. Interestingly, survey data also showed that 67 percent of respondents have not made a car insurance claim for several years in the region, which interprets the NCB (No Claims Bonus ) is high in the region, which means that more discounts are given to insureds for not having made any claims in previous years, by insurers.

Neeraj Gupta, CEO of Policybazaar UAE, said: “Trends in consumer awareness and purchasing behavior in relation to the auto insurance survey indicate consumers in the region are not leaving their precious four-wheeler vulnerable to risk. While they are entitled to the ease of purchasing / renewing and comparing policies with just a few clicks, these factors serve as their primary support in protecting their vehicle from any uncertainty.

He added that having the right car insurance is part of road safety, as everyone in the UAE needs to protect themselves, their vehicle and any third parties by having the right level of coverage. In the event that one witnesses an unfortunate victim of auto theft or damage due to a natural disaster, her auto insurance guarantees that she will not suffer any financial loss. [email protected]

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