A survey of consumers by leading UK Gap Insurance Easy Gap has provided results that may suggest that car buyers habits may be changing. The Easy Gap survey was taken across a section of Easy Gap insurance customers, and revealed trends that may give indications with regards to Gap Insurance purchase and vehicle purchase also.
The main Easy Gap findings were:
The biggest reason why people consider Gap Insurance is the fear of vehicle theft – This comes as no surprise really, as this situation is often highlighted and can be assumed to be relevant to any vehicle buyer. Recent TV exposure on highly targeted vehicle gangs has heightened fears amongst UK car buyers, who may be financially vulnerable in such a situation.
Easy Gap Insurance buyers indicated that the biggest consideration for buying a particular cover was the underwriting insurer – This is an area highlighted since the issues suffered by many financial institutions over the last few years. It is a fact that many of the biggest banks and insurers have had difficult years recently, in a series of high profile cases. However, it could also be argued that some of the larger companies have got much stronger too. Easy Gap consumers have indicated that the fact that the policy is underwritten by UK General on behalf of Ageas was one of the biggest factors for choosing the policy over others in the market.
The average length of an Easy Gap policy cover purchased was 43 months – This could be a useful indicator as to consumers intentions in vehicle ownership, as many consumers will buy cover for the length of time they intend on keeping the vehicle. Of course we know that vehicles come with longer warranties these days, and are generally accepted as being more reliable, and this could be an indication that consumers are looking to get their ‘moneys worth’ by keeping the vehicle longer.
The average Easy gap saving for an equivalent policy online, when compared to one offered by the motor dealer is £297 – Not a great surprise to anyone who looks closely at this! Which highlighted these issues in early 2012, and for those who do their homework you can easily save around this figure.
So are consumers trends changing?
Only time will tell, but good work from the team at Easy Gap all the same!