Saturday, September 14th, 2013

More Australians now shop around when their Vehicle Insurance policy is due for renewal.

More Australians now shop around when their Vehicle Insurance policy is due for renewal. The latest research shows that 16.3% of policy holders shopped around compared to only 12.2% four years ago, so less Australians are inclined to renew their policies automatically. These are the latest findings from the Roy Morgan Research survey of over 37,000 Vehicle Insurance customers each year.

Despite more consumers shopping around, there has only been a minor increase over the last four years in changing companies, from 4.8% in 2008 to 5.6% in 2012.

The most frequently used channel to obtain Vehicle Insurance is still the telephone, accounting for 44.4%, but purchasing online has more than doubled in just three years (up from 6.6% in September 2009 to 13.7% in September 2012). This illustrates how the Internet is improving the ease with which consumers can shop around, research and interact with Insurance providers.

Norman Morris, Industry Communications Director, Roy Morgan Research, says:

“With greater ease and accessibility of information available online, including policy documents and comparison tools, consumers are now much better placed to make informed decisions regarding their insurance options.

“Over the last couple of years the growth in low cost, online insurance providers such as Budget Direct, Youi, Coles etc has changed the Vehicle Insurance landscape, with the market share of these low cost insurers as a group almost doubling in the last 2 years.

“In a market where more customers are shopping around and is increasingly price driven, understanding customer needs and satisfying them better than competitors is now more important than ever.”


Image data source: Roy Morgan Single Source (Australia), 12 month moving average, average sample size = 37,761. Base: Australians 14+ who have Vehicle Insurance (includes CTP, third party property, comprehensive).

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Roy Morgan Research

Roy Morgan Research is Australia’s best known and longest established market research and public opinion survey company. Roy Morgan Single Source is thorough, accurate, and provides comprehensive, directly applicable information about current and future customers. It is unique in that it directs all the questions to each individual from a base survey sample of around 55,000 interviews in Australia and 15,000 interviews in New Zealand annually - the largest Single Source databases in the world. The questions asked relate to lifestyle and attitudes, media consumption habits (including TV, radio, newspapers, magazines, cinema, catalogues, pay TV and the Internet), brand and product usage, purchase intentions, retail visitations, service provider preferences, financial information and recreation and leisure activities. This lead product is supported by a nationally networked, consultancy-orientated market research capability.
Shaun Ellis
P: 03 9224 5332


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