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Channel Metrics: UK Motor Insurance – Consumer Distribution Trends

The Channel Metrics briefing about motor insurance is the most detailed and up-to-date guide to distribution trends in motor insurance in the UK available on a published basis. It analyses: how consumers acquire motor insurance – e.g. online, telephone, post or in person; from whom they acquire them – e.g. direct from the provider, through intermediaries or affinity schemes; and how often they acquire them – i.e. how many consumers acquired motor insurance in the last year, either for the first time or by switching provider instead of renewing or carrying on with an existing product. Findings from this survey are compared with those from 2005 and 2007 to show trends over time.

Key Chapters :

0.0 EXECUTIVE SUMMARY …………………………. 1

1.0 INTRODUCTION ……………………………………. 3

Research rationale …………………………………….. 4

A number of motivating factors underpin the Channel Metrics report and series of briefings ………….. 4

Updating the results from the 2005 and 2007 surveys ……………………… 4

Analysis of consumers making an active distribution choice …………….. 4

Analysis of consumers purchasing or taking out financial services in prior years …………………………… 4

Analysis of distribution interfaces ……………………. 4

Analysis of specific distribution channels …………. 5

Expanding upon the results from the 2005 and 2007 surveys …………… 5

Finaccord ………… 7

Channel Metrics briefings ………………………………. 7

Other UK consumer research publications ……… 8

UK affinity and partnership marketing research publications …………….. 9

UK small business financial services research publications ……………… 9

2.0 ANALYSIS OF RESULTS ……………………… 10

Introduction …… 11

Option for customised data analysis ………… 11

Switching rates and brand new sales – 2009 12

Switching rates are stable but high for motor insurance …………………..12

Distribution interfaces – 2009, 2007, 2005 and all previous buyers compared ……………………… 13

Growth in online sales is slowing, as this interface reaches saturation point ……………………………….. 13

Distribution channels – 2009, 2007, 2005 and all previous buyers compared ………………………. 16

Overview ………… 16

Direct sales by insurance companies held their ground between 2007 and 2009 ……………………….. 16

Detailed analysis 19

Online aggregators have taken market share at the expense of all other major channels ……………. 19

3.0 APPENDIX .. 22

Research sample and mechanics ……………… 23

Research methodology and structure ………. 25

To know more and to buy a copy of your report feel free to visit :

http://www.bharatbook.com/detail.asp?id=132589&rt=Channel-Metrics-UK-Motor-Insurance-Consumer-Distribution-Trends.html

Related Reports :

Channel Metrics: UK Pet Insurance – Consumer Distribution Trends

http://www.bharatbook.com/detail.asp?id=132593&rt=Channel-Metrics-UK-Pet-Insurance-Consumer-Distribution-Trends.html

Channel Metrics: UK Private Medical Insurance – Consumer Distribution Trends

http://www.bharatbook.com/detail.asp?id=132595&rt=Channel-Metrics-UK-Private-Medical-Insurance-Consumer-Distribution-Trends.html

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Despite the similarity of names, motor trade insurance is fairly different from the typical motor vehicle insurance. The differences stem from the nature of the policies; the former is principally a form of commercial insurance, the latter a private policy for individual motorists.

Like private motor insurance, motor trade policies come in a variety of levels of cover like third party, third party fire and theft and comprehensive insurance. Unlike car insurance though, motor trade policies cover the driver – not the driver and the vehicle.

Basically, car insurance protects a specific driver in a specific vehicle. Motor trade protects a driver for any vehicle he or she drives for the purposes of motor trade (not for just driving to the shops) that is also his property.

As you can imagine, this is extremely useful for people in the motor trade. It provides insurance when taking a demonstration drive, or for testing customer vehicles for part-exchange or second-hand purchase. It also provides cover for driving vehicles from storage depots to showrooms, or in the case of larger organisations, between separate showrooms.

If motor trade insurance operated exactly the same way as other forms of motor insurance, it would be a nightmarish procedure to just complete the day to day business of the motor trade. Not only because of the potential costs of driving uninsured – but because even if you’re in the motor trade, it’s illegal to drive a car on the UK’s public roads without insurance.

Of course, given that these vehicles represent a motor traders life and blood (as well as a significant initial financial investment. Third Party is the minimum legal requirement but it won’t offer peace of mind to anyone in the motor trade. more so than private vehicle owners, a motor trader needs to be able to at least recoup losses on theft or fire (a car park full of stationary vehicles presents more targets than a single vehicle in a driveway or garage).

For those in the second-hand trade, the more likely comprehensive insurance will come in useful. Not only because potential customers will likely insist on a test drive but also because if the trader is purchasing a car from a private individual, they will definitely take it for a drive before deciding. Any kind of accident that happens during that time could be massively damaging to the business.

Motor trade insurance also extends to other areas of liability than comprehensive private policies. Firstly, although its not compulsory for motor traders as a business with public premises it can be incredibly costly if the operator fails to provide a safe environment; just like supermarkets and high-street shops, motor traders have a duty of care obligation in the common law.

Additionally, the motor trader is likely to need employers liability insurance; it’s legally required if you want to employ anyone from a part-time car washer to a full-time salesman or mechanic.

One of the best things about retirement is that it gives you more time for travelling.  You can stay longer in your favourite holiday spots, or set out to explore all those places on your ‘Must See One Day’ list. You can also visit distant friends and relatives more often without having to rush back for work on Monday morning. 

Unfortunately, the cost of transport, accommodation and eating out soon adds up, and most people find their wanderlust restricted by their bank balance.

But you don’t have to be a millionaire to enjoy a free and easy lifestyle. All you need is a touring caravan or motorhome. Decide where you want to go, do a quick Internet search to find and book a suitable campsite at a very reasonable price, and off you go!

Modern caravans and motorhomes are nothing like the cold, cramped metal boxes of the past. In fact, many are positively luxurious! Showers, fully equipped kitchens and comfortable beds come as standard in lots of models, and you can add your own individual touches to create a home from home that’s exactly right for you.

Taking your accommodation with you solves all kinds of travel problems. There are no luggage restrictions for a start, and you don’t have to spend your journey worrying that your bags might go astray. Simply take whatever you need. And that can include your pets, of course.

Plan your own route; taking breaks where and when you want. You can stay on one site for a week, or longer, or move on every day. Eat when you like, sleep when you want, be as active or relaxed as the mood takes you.

Sites vary from the small and secluded to large holiday parks complete with shops, restaurants and entertainment. If you prefer the quiet life, you will be pleased to know that many sites are for adults only. But if you’re treating your grandchildren to a holiday look for family-friendly sites with safe play areas.

There are thousands of licensed sites to choose from all over the UK. If you want to go further afield it’s easy to take a ferry or use Eurotunnel to explore the rest of Europe. And you don’t have to confine your travels to the summer months. Imagine touring Portugal and Spain to escape the British winter!

If you’re new to caravanning, it’s a good idea to hire a caravan or motorhome for a short break. Decide what you like – or don’t like – about the hired model so you’ll know what to look for when investing in one of own. And when you find the one that ticks all your boxes your life will change, for the better!

Sold on the idea of buying into the freedom a caravan or motor home will give you but not quite sure how to finance it?

Of course there is a range of finance options out there, but if you don’t want the burden of monthly repayments, or the worry of credit checks or income related loan agreements that you may not qualify for, there is another option. If you are a homeowner and are aged 55+, you could release some of the value of your home to fund your retirement dreams. This is called equity release, and it is a safe and very popular finance option amongst the retired population.

Providing you take independent financial advice and deal with a specialist equity release adviser who is regulated by the Financial Services Authority (FSA) and who only recommends products endorsed by Safe Home Income Plans (SHIP), you can be assured that releasing cash from your property is completely safe, that you will never owe more than it is worth and you can live in your home for as long as you wish.

Equity release involves no monthly repayments, no credit checks and the finance is not related to your income.

If you would like to enjoy the freedom and benefits a caravan or motor home brings, and you are aged 55+ and own your own home, why not consider equity release? Providing you take independent financial advice from a Financial Services Authority regulated equity release specialist, you’ll be well advised and certain that the finance option is the right one for you.