Home Business NewsBusinessAutomotive News Less than one in five drivers are auto-renewing car insurance amid the ongoing cost of living crisis

Less than one in five drivers are auto-renewing car insurance amid the ongoing cost of living crisis

by LLB Finance Reporter
10th Oct 22 12:16 pm

Trakm8, the recognised leader in technology solutions for insurance telematics, connected car data and fleet management, has commissioned a new national driver survey to gain insights into how drivers purchase insurance and what they expect from future policies.

The survey highlighted how the landscape has changed for drivers as price becomes a bigger factor when choosing an insurance provider as the cost-of-living crisis starts to impact consumers across the UK.

Over half (52%) of all drivers surveyed are using comparison sites now and less than 1 in 5 (16%) are auto-renewing with their current insurer as renewal prices often aren’t competitive.

The survey went on to show other factors that impact drivers when they are looking for a new car insurance policy, with 7% saying they use review sites to help with the decision and 1 in 10 asking friends and family for recommendations.

Advertising seems to have little impact on buying decisions with only 4% of drivers being influenced by a TV advert and even less by social (2%) or outdoor advertising (2%) highlighting that price really is the main factor and concern when renewing insurance policies.

These results really highlight how important it is for insurers to offer competitive policies to help retain current customers. Trakm8 has a portfolio of enhanced ‘Connectedcare’ solutions that work alongside their driver data analytics to give insurers detailed insights into the health of their customer’s vehicles.

These solutions enable insurers to truly understand their customers and their vehicles helping them increase customer retention by offering tailored and competitive policies based on their specific requirements.

Adam Gooch, Managing Director for Insurance at Trakm8, added, “At Trakm8 we are making connected car data services part of insurance solutions and this national driver survey gives us real insights into how policyholders in the UK are purchasing and renewing insurance policies. It is no surprise to see that price is becoming the main factor as energy prices and other costs increase across the UK.

“Our enhanced driver and vehicle insights are part of our comprehensive end-to-end insurance telematics solutions that are designed to give insurers a unique opportunity to help personalise policies based on a customer’s habits and requirements.”

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