Auto insurance companies perform well despite economic crisis


17A survey was conducted by Market Force Information, a business consulting group, to know how well auto insurance companies performed for their customers. A total of 2,800 auto insurance policyholders were interviewed to get their feedback on how satisfied they were with their car insurance companies. According to the group’s data, one of the main things that measured customer satisfaction is how fast their auto insurance companies were able to process their claims. From the questions provided in the survey, respondents were asked how many of them already filed a claim. And among the 2,800 participants, 18% of them already experienced filing a type of claim with their insurance companies. From this number, the group said that the majority, 85% to be exact were satisfied in how their car insurance companies handled their claims.

The survey also covered what were the main factors that car owners consider when getting an auto insurance company. According to the data gathered, the cost of the insurance is a main factor. Customers look for a good price, not necessarily cheap but a price that is reasonable for the coverage of their auto insurance. Fifty-nine percent of the respondents give price as a major factor in choosing a car insurance company and 27 percent of them emphasize the importance of what is included in the policy as well as services beyond car insurance coverage such as customer service and accessibility.

Another factor that pushed them to choose a particular auto insurance company is their friends’ and family’s influence on their decision. They said that they chose a particular auto insurance company because it was recommended by one of their friends and family. The financial standing of an auto insurance company is also a factor that a car owner considers when choosing a car insurance company, Market Force Information data said.

Included in the survey were accounts where car owners changed auto insurance companies because of dissatisfaction. Ten percent of the respondents said that they had to change companies because of poor service and unreasonable expenses. Among the ten percent, one-fourth of them said that it was because of poor company service and 20 percent said it was because of the newly imposed rules and additional fees. The majority of respondents who chose another company over another, 74% of them said that they were able to find another auto insurance company that offered better service and cost according to Market Force Information consultation group.

So in general, car owners are still able to afford car insurances despite economic hardship and still get good service from them.