The car insurance market is tough, and whilst motor insurance premiums may be rising, insurers still have to maintain their market position.
As a customer, you may well be asking how on earth these insurance companies continue to need to increase their premiums.
Well, there could be a number of reasons for this, one of which is extremely likely to be the heightened awareness of consumer price comparison sites.
With so many households now having access to the internet and TV’s being literally saturated by aggregators promoting their comparison websites, the previous onerous task of shopping around by making numerous telephone calls to insurance companies and brokers is pretty much obsolete. A few clicks on your PC or laptop and in a few minutes, you have access to quotes from up to 100 insurance providers.
The internet has in fact been deemed to be a major contributory cause for a lot of the insurance industry’s difficulties. The web’s impact has been such that some underwriters are even reviewing how they price and underwrite policies purchased over the internet.
Those providers keeping pace with technological advancements and listening to what their customers want, have a good chance of maintaining their market profile and continuing to prosper.
For the others, there is a good chance they will either fall by the wayside or be absorbed by the bigger companies at some stage.
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