Premium Credit research shows finance options crucial to over 25% of insurance customers
More than one in four (27%) insurance customers would cut cover or switch to cheaper policies if they were not able to make monthly premium payments, according to research by Premium Credit.
The premium finance provider polled 827 people aged over 18 this March across the country and found two out of five (39%) customers in total would be affected if they could not pay for their insurance on a monthly basis.
Premium Credit’s Insurance Index also detailed that 8% of drivers would sell their cars if they could not pay monthly and 2% would drive without insurance.
In addition 8% of consumers surveyed would cancel home contents insurance if monthly payment plans were not available.
HighlyOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk or view our subscription options here: https://subscriptions.insuranceage.co.uk/subscribe
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insight
Education key as AI adoption faster than ever, says CFC’s Radu
Focusing on the end client and education programmes spanning policyholders, brokers and insurers is key to success as companies ramp up the use of artificial intelligence, CFC head of technology Aura Radu told Insurance Age.
FCA consults on SM&CR and sets faster authorisation targets
The Financial Conduct Authority has opened a consultation on streamlining the Senior Managers and Certification Regime, and in a second announcement revealed new faster authorisation targets.
Insurtech Laka secures $10.4m in funding
London-based insurtech Laka, which bought the renewal rights to CoverCloud’s bike portfolio last year, has raised $10.4m (£7.73m) in a Series B funding round.
Liberty launches crypto protection product
Liberty Specialty Markets has launched a dedicated product for financial institutions operating in the cryptocurrency market.
With the Gallagher deal off the table, what are the next steps for PIB?
With PIB and its PE investors choosing to go again rather than sell to Gallagher, content director Jonathan Swift ponders what might lie ahead for the pan-European consolidator in an era of indigestion and M&A indifference.
Biba calls for regulation ‘reset’ in open letter to Chancellor
Graeme Trudgill, CEO of the British Insurance Brokers’ Association, has called for bold action from the UK Chancellor to reset regulation for a more proportionate framework.
W Denis launches specialist data centre insurance division
W Denis has launched a specialist division focused on insuring data centres and the integrated power generation infrastructure.
MGAs ‘extremely focused’ on broker distribution in softening market - Keating
MGAs are “extremely focused” on distribution, according to Mike Keating, CEO of the Managing General Agents’ Association, as he also detailed how the claims process needs to be deconstructed and put back together.