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UK Private Motor Insurance: Distribution and Marketing

  • February 2016
  • 46 pages
  • GlobalData
Report ID: 3375812

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Summary
Private motor insurance is a mandatory personal lines product customers are required to purchase in order to protect themselves while traveling by car on public roads. It covers expenses for a range of circumstances, including damage to the vehicles of the owners involved in a collision and financial compensation to cover any injuries to other drivers, passengers, and pedestrians. There are three common types of cover available, each with their own benefits and price tags: third-party only; third-party, fire, and theft; and comprehensive. Third-party provides the most basic level of protection, only covering incidents where there has been damage to other vehicles, injury to another person, and damage to property. A third-party, fire, and theft policy retains all the attributes of a third-party policy but with added protection against the car catching fire or being stolen. Comprehensive cover offers all the benefits of a third-party, fire, and theft policy along with additional coverage for damage to the driver's own car - even if the driver is deemed the at-fault party. Comprehensive polices can also cover for windscreen damage and the option to use a courtesy car while the damaged vehicle is being repaired.

Key Findings
- Aggregators remain a popular channel, but most customers prefer to purchase directly.

- Arranging cover over the phone is the preferred method across all distribution channels.

- Television dominates the advertising and marketing mediums used by private motor insurers.

Synopsis
Verdict Financial's “UK Private Motor Insurance: Distribution and Marketing” explores consumer purchasing behavior and how it is developing within the market. This report discovers what is most influential to customers when purchasing a policy and also reveals the most popular providers in the market. New trends and innovations are highlighted, as well as the key factors that will influence the private motor insurance market over the next few years.

Reasons To Buy
- Understand consumer purchasing decisions and how these will influence the market over the next few years. Improve customer engagement by recognizing what is most important to them and how insurers can adapt their products and services to meet their needs.

- Discover which private motor insurance providers lead the way and how providers are revolutionizing the car insurance market through new innovations.

- Adapt your distribution strategy to ensure it still meets customer purchasing behavior.

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