Pulling together a couple of recent car insurance stories.
First, we ran the news of the latest report on UK motor insurance aggregators, published by Defaqto:
The report has analysed 41 aggregator sites including new entrants into the market and changes that may have occurred to other sites since its first report in October 2007. Defaqto has carried out a detailed analysis of the market and this report includes:
- A review of the aggregator market and where Defaqto believes it is headed.
- One page summaries of the key features and benefits of 41 aggregators including ComparetheMarket, Confused.com, GoCompare, Insurance.co.uk, Moneysupermarket and Tesco Compare.
- A Defaqto rating of each aggregator website.
- A review of the resurgence of intermediaries within the aggregator market.
Second, we note with interest that LV= has placed its car insurance product on the Gocompare.com website.
The insurer has announced ambitious growth plans for its general insurance business focused on becoming a top five general insurer by 2012 with the web a key channel to achieving this target. LV= believes their five star Defaqto rated car insurance policy will prove to be a popular choice for consumers using Gocompare.com.
Gocompare.com are no doubt delighted to be welcoming the valuable LV= brand to their roster of high profile insurers. The company makes a point of promoting its aim to offer the customer the widest possible coverage across the market with well over 60 car insurers onboard.
Mmm….. Food for thought?
Whilst the current vogue for insurance aggregators cannot be doubted, one has to wonder whether:-
1. Are the aggregators building any real value for ‘their brands’. It’s great to have thousands of online consumers coming to your site to buy another firms product! However, what happens to the Gocompare.com, MoneySupermarket or BeatThatQuote.com of the online world when the fickle consumer discovers another route to the ‘best value deal’? Are these three leading aggregators (amongst others) building any real loyalty for ‘their brand’?
2. Apart from a potential short term gain in revenue and market share for LV=, what are the long term implications of handing over a much loved, cared for and nurtured brand to a ‘price comparison’ custodian such as Gocompare.com?
We welcome any thoughts and comments from our readers on the subject of the online insurance aggregator!
FlexiBell Car Insurance
The latest marketing/rebranding exercise by a leading insurer, FlexiBell car insurance is the hip new name for Bell Car Insurance. The company is promoting the new brand heavily on prime time television as well as other media.
Bell is a car insurance provider that has traditionally specialised in providing cheaper car insurance for drivers with low No Claims Bonus. Bell recognises that many good drivers may have low No Claims Bonus through no fault of their own. So the company won’t penalise you for having a low bonus you could pay less for your car insurance.
Q. Ok, so whats the difference between a Bell motor policy and a FlexiBell car insurance policy?
A. FlexiBell is a policy which lets you choose the exact features you want to be included on your car insurance policy, so you are only paying for what you need. With Flexibell you will still get audio equipment cover, personal belongings cover and a 24 hour accident helpline, but all other features and benefits are optional and can be included if you choose.
Bell is part of the Admiral Group, which means not only can they offer great value for money; they also have the support to provide you with what is generally excepted as an excellent level of customer service.
With an ageing population in the UK the number of motorists over 60 years of age has increased considerably in the last 10 years. This means that the market for senior car insurance policies is increasingly competitive, with insurers vying for a bigger slice of this lucrative market. Three-quarters of men in their 70s now hold a driving licence, 50 per cent up on 20 years ago. And within another 20 years, 90 per cent of men aged over 70 will still be behind the wheel.
The question is where do you turn to find the best senior motor insurance deal? There are a number of companies who specialise in serving this niche and their are other mainstream insurers who can deliver a competitive senior motor policy, with added features.
The starting point is (as always), make sure you shop around to locate the best deal – not particularly the lowest premium – but the combination of policy cover and price which best meets your driver and vehicle needs.
Simply obtaining a mainstream car insurance policy is probably not going to deliver the most suitable combination of price and protection. Every year you remain accident free, your premiums will decrease, so if you are a careful driver having spent years building your no claims discount, your premium will become even lower when you reach 50.
Industry research reveals that older drivers are inclined to have more mature driving attitudes than young drivers. As far as car insurers are concerned this translates into fewer accidents and most importantly lower insurance claims frequencies.
Senior car insurance is a legal requirement in the UK and it is against the law to drive without the protection of a car insurance policy. You must carry with you at all times, whilst driving, your certificate of insurance as this will provide evidence of your cover should it be required.
Remember Not all car insurance policies are the same!
RoSPA produce a great leaflet entitled ‘Older & Wiser’. The leaflet carries useful information and is a highly recommended read for senior drivers.
For the latest information on the cheapest fuel prices in your area, the RAC recommends logging on to Petrolprices.com.
Registration is free and enables users to find out the best pump price anywhere in the UK, helpful in planning long journeys.