Every motorist has a risk tolerance that essentially determines how they look at coverage, carriers and the whole shopping process. It can be highly preventative in taking up new policies, trusting other companies and getting cheap auto insurance rates. It is generally good to be cautious but you need to trust yourself that you can handle a certain level of information and make the right decision in the light of it.
Studies on Attitudes towards Comparison Shopping
The UK Financial Conduct Authority has carried out a survey among motorists to see how they are taking up online comparison websites when they shop for cheap car insurance quotes. Their findings are very enlightening in many ways, especially in the way people react to the results based on their beliefs.
One group of motorists start their comparison shopping with the view that policies can be interchanged. Although they believe that every coverage and provider is different, they take the view that they can replace their current carriers and policy with an alternative providing they are cheaper. They also believe that they will not lose out much by doing so.
Such drivers report that the online platforms are very convenient, easy to use and fast to deliver results. They are convinced that using them will save money. Also, they are more likely to carry out this process habitually every year. They are very keen to get to the quotes and don’t think much about brand names or quality of coverage at the early stage.
At the end they look for the combination of the cheapest vehicle insurance quotes, best policy extras and somehow recognized brand to seal the deal. They confess that they could take their time to study each offering and look into the firms. But this will complicate the process to a degree that they may actually give up halfway through.
Reactions from More Cautious Drivers
One of the first things they point out is that policies and providers aren’t the same and therefore they are unlikely to have a perfect comparison through online websites. As a result, they get bogged down with the details and all the research and double checking that they may already be tired before they get to the finishing line and get a quote.
Naturally, it would be very unpleasant to end up not having the required coverage when you have a claim. Everyone is concerned about this point. Clearly some are more worried about it and they are hesitant to look at their options in the market.
How to Look at Results from Comparison Websites
People can be very careful with their selection at the end. However, they need to go into the market with an open mind and look at the quotes first. Anyway, one single quote doesn’t give you any indication about the price, coverage or the company. It stands alone with no reference points to check against.
Only after getting several vehicle insurance quotes can you start to have a feel about the current conditions. When they are all coming pretty high and even higher than your renewal you may realize that you already have a pretty good deal in your hand. That outcome is actually pretty pleasing even though you didn’t save this time.
On the other hand, the first quote you received could be hundreds of dollars cheaper than the renewal quote you have. At this point thinking that the provider must be a cheap company would just be a quick and unfair judgement. When you start getting more and more quotes closer to the cheaper earlier price you received you would start thinking that maybe your current provider is too expensive.
You can see that your perceptions can deceive and prevent you from achieving a good deal on automobile insurance. That is why you need to go to the process with an open mind and ready to see first before passing any judgement.