Tuesday, June 4, 2013
Officials for insurance provider Aequitas Automotive have revealed new consumer research that may indicate a shift in expectations for general auto protection insurance among consumers. The company behind leading retail brands Easy Gap and GapInsurance123 recently conducted a survey with consumers who were looking at general auto protection plans. The preliminary results, say Aequitas, show consumers now expect more than ever before from their coverage.
"The world of Motor Gap Insurance has evolved enormously in the last two years, especially with the online providers. This has coincided with a greater focus on coverage,” said company director Mark Griffiths. “At Aequitas we are in the almost unique position of having two leading retail brands for this product. This provides us with the chance to speak to thousands of consumers in the market for this product, and enables us to gauge exactly what they seek.”
Seeking feedback from customers helped asses their views of general auto protection plans.
"Over the last few weeks we have engaged in a process of asking our customers for their opinions regarding motor gap insurance. More specifically regarding their expectations for cover. The results have given us clear indication as to what the average consumer now prioritises as important in their cover,” said Griffiths. "One particular trend was the request for longer periods of cover, something we have championed for some time. With new cars coming with longer warranties, and seemingly more reliable, then it may make sense that buyers will look to keep their vehicles longer. Aequitas has seen a huge upswing recently in consumers seeking the maximum five-year coverage, something we first announced our intention to provide in late summer 2011.
"Another clear requirement is the ability to 'defer' the start date of a policy. Many quality motor insurance cover ages will provide a replacement vehicle within the first 12 months of the vehicle's life, having Gap Insurance running alongside may simply be effectively paying twice for the same coverage.”
Transferring such plans also can be a great benefit.
"The ability to transfer coverage also seems to be important to consumers, and this may go 'hand in glove' with those opting for four or five year plan. There may be every intention in keeping a vehicle for the policy period, but the option of transfer clearly gives flexibility if required. There are still policies in the market that state that the policy ceases if the vehicle is sold, and that no refund may be given. If this is indeed the underwriters terms then no transfer may be expected from them,” said Griffiths.
"Another consideration, or possibly a concern, is the time it would take to process a claim,” he said. “This is something we know consumers have voiced for some time, and indeed we implemented a 'fast track' claims process on products around a year and a half ago, and we hope this process gives some comfort to consumers.”