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New Cars, Electric Vehicles, and Insurance Coverage

New Cars, Electric Vehicles, and Insurance Coverage

Summer is in full swing and consumers who are looking to get out and enjoy the weather need reliable transportation. This naturally has them contemplating whether it's almost time for a new car — and if they can save a bit more on their insurance to save up for one.

As part of our regular Flash Points, pulse surveys of everyday consumers across North America on a wide range of issues affecting customer experiences, we asked consumers about their car and insurance buying experiences. Here we’ll look at:

What are consumers looking for when purchasing a new vehicle?

Dealerships will want to get ready with over half of consumers planning to buy a new vehicle soon.

  • In a survey of over 1300 respondents across North America, we found 58% of consumers expect to purchase a new vehicle in the next 3 years.
  • The top factors for consumers purchasing a car are a seamless, transparent purchasing process followed by knowledgeable staff and financing options.
  • An overwhelming 94% of consumers conduct their own research before visiting a dealership with the most popular sources being dealership websites followed by customer reviews.
  • Only 12% of consumers visit a single dealership before making their final purchase and 26% visit 4 or more.
  • Availability is a major factor when completing their car purchase with 65% of consumers saying they would rather leave and go elsewhere than wait for the dealer order in the car they want.

How many consumers will choose an EV for their next vehicle?

While electric vehicles (EVs) still make up a relatively small percentage of the vehicles currently on the road, their popularity continues to grow.

  • In a survey of nearly 1200 respondents, 48% said they would consider an EV as their next vehicle while 52% would not.
  • Of those who would not, 69% said the expense of EVs is a key factor, 51% said the lack of charging stations is an issue and 25% dislike that there are fewer model options among EVs.
  • Of those who would consider an EV as their next vehicle, 88% said they are attracted to the savings on fuel costs, 69% said they like that they are better for the environment, and 54% said government incentives are a factor in their decision.

What would motivate consumers to switch insurance providers?

When consumers do purchase their new vehicle, they’ll want to find the best insurance possible — whether that means staying with their current provider or shopping for a new one.
  • In a survey of just under 1300 respondents, we found 80% of consumers review their home/auto insurance each year.
  • The top concern for consumers is their provider’s rates with 93% saying they would consider switching providers for lower rates followed by 73% who would switch for better coverage.
  • A fortunate 63% of consumers have not filed an insurance claim within the past 5 years.
  • Of those who have filed a claim, 72% were satisfied with their representative's ability to resolve their claim and 69% were satisfied with the settlement/offer they received.

What's Your Burning Question?

We want to help you make informed business decisions. Each of our Flash Points typically collect between 1500-3000 responses in a 24-48 hour period — free of charge!

If you have a burning question, submit your question and the results will be emailed to you the results once the data has been collected. Submit your question here or email letschat@intouchinsight.com.

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