Comparisons websites like Shop Insurance Canada are a great way to find the most affordable and accurate home and auto insurance quotes. However, a new report from consumer research firm Finaccord shows that the use of such tools is lower in Canada and the United States compared to European nations.
The company released Aggregation Metrics: Consumer Approaches to Online Insurance Comparison Sites in Selected Global Markets. The research showed that the use of comparison sites in Canada is growing quickly, but lagging behind nations like Australia, France, Germany, Italy, Spain, and the United Kingdom.
Including Canada and the United States, Finaccord conducted an eight nation study. 46% of respondents across those countries say they used a comparison site when switching auto insurance. However, in Canada the number was just 17% compared to a high of 74% in the United Kingdom. 1,000 customers were surveyed in Canada to find the results.
“While many insurers sell online and there are long-established comparison sites in all eight territories, consumer behaviour differs substantially from country to country when it comes to buying car and home insurance,” said Stefan Wagner, a consultant at Finaccord, in the statement. “This is due to a number of factors, including differences in switching rates between the various countries plus the strength of competing distribution channels in some of them, such as tied agents in all countries other than Australia and the U.K., independent agents in Canada and the U.S., banks (for home insurance) in France, Italy and Spain, and direct sales by mutual insurers in France.”
Despite Canada’s low statistic, like other countries around the world, there is a growing trend towards customer using comparison tools more often. “Moreover, their development may also be assisted if an increasing proportion of insurance buyers need to take out non-standard car or home insurance policies, or telematics-enabled car insurance in future as the research (perhaps surprisingly) indicates that customers with these types of cover are generally more likely both to buy online and to use a broader range of distribution channels than customers with standard products,” the statement said.
Customers who do not shop around for home and auto insurance are likely to end up overpaying for their coverage. Shopping around is the only sure way of finding the best possible deal on the policy you want. Comparison tools like the one provided by Shop Insurance Canada offer customers a simple and fast way to do that shopping around.
In less than a minute you can have your initial quote with our fast and easy to use quote engine.