Some exciting records and findings have come to mild through a COCOBarometer survey via DHFL General Insurance. The survey findings highlight what automobile coverage customers suppose when it comes to shopping for and renewing the coverage. The survey changed into conducted inside the wake of DHFL General Insurance unveiling its flagship customer research initiative COCOBarometer. According to an respectable declaration, “This initiative goals at know-how patron behaviour whilst it comes to buying vehicle coverage among Indians.”
Here are a number of the main highlights of this vehicle coverage survey:-
– 43% of respondents from Delhi have no longer renewed their vehicle insurance coverage, even after being stuck via the site visitors policy
– ninety% of Delhi’s lapsed insurance policyholders renew best after being caught with the aid of site visitors police
– 70% of Delhiites strongly look for ‘higher price and discounts’ whilst buying insurance on-line
– ‘All the records needed to shop for coverage is available on-line’ is the important thing cause why 7 in Every 10 Delhiites purchase coverage policy online
– ‘Law’ and ‘situation for automobile’ are equally vital even as obtaining insurance
– ‘Comprehensive with Zero-Depreciation’ are the 2 maximum opted coverage for automobile coverage with 70% of the auto proprietors availing it
– 6 in each 10 respondents decide on shopping for or renewing their car insurance policy ‘on line at once from the business enterprise internet site’
– eight in every 10 of the insurance consumers are aware of the add-ons
What respondents said?
– 25% of the respondents claim that they forgot to renew their vehicle coverage.
– 19% respondents declare that paying high-quality is cheaper than buying coverage
– Only 6% claimed that coverage groups do now not pay claims as promised
– ‘Process to resume lapsed coverage is very tedious’ is said to be the primary cause to not renew the insurance policy for four in every five Dehiites
Sample length and geo details:-
The total base of this survey is 1025 respondents throughout 3 key metro towns, Mumbai, Delhi and Bangalore.
“The have a look at was conducted to encourage conversations and growth attention of the underlying elements and behavioral trends involved at the same time as acquiring a vehicle insurance policy,” an legitimate announcement of COCO with the aid of DHFL General Insurance read.
Reacting to the survey findings, Vijay Sinha, MD and CEO of COCO via DHFL General Insurance said, “We commissioned this survey to bring forth client behaviour and recognition tiers around vehicle coverage among Indians. While this research does point in the direction of the awareness of automobile insurance, it’s far the dearth of motion or the inertia that effects in dropping out on the blessings of the policy.”
Sinha similarly added, “Most people stay in the present and don’t assume mishaps and tragedy. Buying an coverage policy is considered as an additional economic drain, and those are inclined to threat the penalties of using without insurance to save cash inside the close to time period. As an insurer, we believe we have an important role to play in developing recognition at the fee of purchasing car insurance, together with demystifying coverage by way of supplying transparent merchandise.”