A staggering variety of American drivers – about 96% – don’t perceive the basic features of their auto insurance coverage coverage, a brand new survey by insurance coverage comparability web site Insurify has discovered.
The survey, which interviewed greater than 1,000 respondents, assessed how nicely drivers throughout America perceive their auto insurance coverage, asking them questions on their insurance policies, what it covers, and what components have an effect on their insurance coverage charges.
It discovered that the common driver scored solely 56% on the survey – based mostly on commonplace scoring requirements, it will imply the respondents didn’t correctly perceive how their auto insurance coverage works.
Key findings of the research embody:
- 96% of drivers misunderstood at the least one key side of their auto insurance coverage coverage, and greater than half have false assumptions about a number of options of their coverage.
- 78% of drivers erroneously consider that complete protection covers injury to their automobile within the occasion of an accident.
- 52% of respondents wrongly assume that bodily harm legal responsibility – required by most US states – covers their medical bills in an accident.
- A 3rd of the drivers surveyed don’t apply for auto insurance coverage reductions, even when they know they’re eligible for them. It was additionally discovered that ladies drivers are considerably much less doubtless than males to use for reductions.
- On the flip aspect, 84% of drivers surveyed agreed that evaluating auto insurance coverage quotes between a number of suppliers can result in financial savings.
“The common American driver spends over $1,632 on automobile insurance coverage a 12 months, however they won’t even perceive what that cash goes in the direction of,” commented Insurify supervisor of analysis and content material Kacie Saxer-Taulbee. “We needed to publish this report back to demystify automobile insurance coverage fundamentals and assist drivers make extra accountable selections when shopping for protection.”