Polls / March 5, 2012

Is service or price more important when buying insurance?

Service and price are equally prized when buying insurance, according to about half of the respondents to the latest eZonomics online poll. Service nudged out price among the rest.

Comparing prices is only part of it
Buying insurance requires reading the fine print - as although policies covering the same risk may appear similar, details may differ and not suit individuals' needs. A policy perfect for one person may not suit another. For example, a motorist who drives more than average may need special car insurance or a traveller engaging in high-risk acitivies may need extra cover.

Make time to compare
ING senior economist Ian Bright weighed up pros and cons of shopping around for insurance in a blog post for eZonomics. Bright described how renewing his car insurance took his spare time for several days because he read the fine print of several different policies before agreeing a new contract. While he secured a better deal, the time cost may be too high for some. Bright writes that cheaper is not always better, as he valued getting a policy that best suited his needs as top priority with price a secondary consideration.
It might be a good idea to leave plenty of time to avoid being rushed into making a decision, allowing both price and service details to be compared.

eZonomics team
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