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Study: consumers cutting corners with prices

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by Brian Turner
Study: consumers cutting corners with prices

When consumers shop around for the cheapest insurance, they are in danger of cutting corners and ending up with a policy that will not properly cover them.

That’s according to research from Incahoot.com, who say there is little point someone paying cheap for insurance that doesn’t do what it needs to.

The study for Incahoot by Opinion Matters found that three quarters of people shopped for insurance on price alone – and then most were dissatisfied with the process when they needed to file a claim.

This was not least length of time to settle, policy exclusions and excess, and amount paid out.

According to Incahoot’s CEO, John Evans, “The cheapest insurance is often not the best value insurance. Merely comparing prices could be a short cut you’ll regret.”

Incahoot commissioned the study after making arrangements to set up a brokering service through their online community, where members are provided with discounts not normally available.

So-called group buying websites say they are able to do this by demanding bulk discounts from suppliers, but in the instance of their new insurance brokering services, the first emphasis is on ensuring people have a good policy in the first place.

Incahoot will offer building and contents, health, and impaired travel insurance through the broker from 21 May while travel and mobile phone insurance (available when purchasing a mobile phone at Incahoot.com) will be available online from early June.

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News posted: May 31, 2011

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