World News: 14:00 GMT Wednesday 11th September 2019. [Research and Markets via Globe Newswire via SPi World News]
Dublin, Sept. 11, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering.
Almost half of consumers (46%) own a motor breakdown policy, which means almost six-in-ten drivers (58%) have breakdown cover. The motor breakdown market is worth almost 1.8 billion, of which 76% represents the consumer market. The market grew by less than 3% in 2018. Over the coming years, the market will grow, on average, by around 2.4% each year, so that by 2023 the market will be valued at over 2 billion. A number of economic and technological factors are shaping the market, including the slow growth in the car parc; the greater reliability and sophistication of modern cars; the introduction of self-drive cars; the growth of carpooling and sharing; and the greater connectivity of cars and their ability to fault detect.
Cover holders are generally self-reliant when buying insurance (i.e. they do not feel they need professional advice) but only around half think of themselves as confident and savvy consumers when it comes to insurance. Just over half of motor breakdown cover owners show a preference for completing part or all of their customer journey online. Policyholders who are more willing to use online for all or part of their customer journey tend to be confident when buying insurance and more self-reliant.
Because policyholders have renewed with an existing provider, this does not mean they have passively accepted a renewal offer. Most search for alternatives and/or haggle with an incumbent provider to get a better deal. Renewing is best thought of as an action taken only after the cover holder has tried to get a better deal; it involves switching-type action without finally leaving the current provider.
When buying insurance cover, holders have a slight bias towards focusing on cover first and price second. They also have a slight bias towards wanting to buy from well-known brands rather than buying from any provider. However, ultimately breakdown cover holders want a good deal, even if they mainly focus on the cover offered when buying a breakdown policy. Over seven-in-ten cover holders engage in some form of haggling/negotiation with providers when taking out a new policy or renewing, and there is relatively little variation based on attitudes to price, cover or brands.
It identifies and analyses consumer attitudes towards breakdown insurance, looks at the claims experience of drivers, and investigates why they choose one route to purchase over another. In addition, it will explore how price sensitivity is impacting the market. Essentially, the report studies the cover holder's customer journey from the point where they recognise a requirement to make a purchase to the point when they are a customer and may run into issues like claiming or registering a complaint.
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Globe Newswire: 14:00 GMT Wednesday 11th September 2019
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