Car insurance shock! Even after being caught, 43% of Delhi's lapsed policyholders didn't renew their policy: DHFL's COCOBarometer Survey
Some interesting data and findings have come to light through a COCOBarometer survey by DHFL General Insurance. The survey findings highlight what car insurance buyers think when it comes to buying and renewing the policy. The survey was conducted in the wake of DHFL General Insurance unveiling its flagship consumer research initiative COCOBarometer. According to an official statement, "This initiative aims at understanding consumer behaviour when it comes to purchasing car insurance among Indians."
Here are some of the major highlights of this car insurance survey:-
- 43% of respondents from Delhi have not renewed their car insurance policy, even after being caught by the traffic policy
- 90% of Delhi’s lapsed insurance policyholders renew only after being caught by traffic police
- 70% of Delhiites strongly look for ‘better price and discounts’ while buying insurance online
- ‘All the information needed to buy insurance is available online’ is the key reason why 7 in Every 10 Delhiites buy insurance policy online
- 'Law’ and ‘concern for car’ are equally important while obtaining insurance
- ‘Comprehensive with Zero-Depreciation’ are the two most opted policy for car insurance with 70% of the car owners availing it
- 6 in every 10 respondents prefer buying or renewing their car insurance policy ‘online directly from the company website’
- 8 in every 10 of the insurance buyers are aware of the add-ons
What respondents said?
- 25% of the respondents claim that they forgot to renew their car insurance.
- 19% respondents claim that paying fine is cheaper than buying insurance
- Only 6% claimed that insurance companies do not pay claims as promised
- ‘Process to renew lapsed insurance is very tedious’ is claimed to be the primary reason to not renew the insurance policy for 4 in every 5 Dehiites
Sample size and geo details:-
The total base of this survey is 1025 respondents across three key metro cities, Mumbai, Delhi and Bangalore.
"The study was conducted to encourage conversations and increase awareness of the underlying factors and behavioral traits involved while obtaining a car insurance policy," an official statement of COCO by DHFL General Insurance read.
Reacting to the survey findings, Vijay Sinha, MD and CEO of COCO by DHFL General Insurance said, “We commissioned this survey to bring forth customer behaviour and awareness levels around car insurance among Indians. While this research does point towards the awareness of car insurance, it is the lack of action or the inertia that results in losing out on the benefits of the policy."
Sinha further added, "Most people live in the present and don’t anticipate mishaps and tragedy. Buying an insurance policy is considered as an additional financial drain, and people are willing to risk the penalties of driving without insurance to save money in the near term. As an insurer, we believe we have an important role to play in creating awareness on the value of buying car insurance, along with demystifying insurance by offering transparent products."