Insurance is often described as a grudge purchase, however more than half of Aussies say they’re happy to invest in cover to protect their assets.
Insurance provider Budget Direct commissioned a survey* of over 1000 people from across Australia on attitudes towards insurance. Respondents were picked at random and were not necessarily customers of Budget Direct. The survey found 59% of Australians were happy to purchase insurance for their car or home, regarding it as an investment to protect their assets, while 24% said they did so begrudgingly.
“People understand the utility of insurance,” said Kimberley Moody, Communications Manager, Budget Direct. “It’s a bit like eating your greens; you know it’s good for you and you stand to reap the benefits down the track.”
The survey was conducted in February, prior to the catastrophic weather events which hit New South Wales and South-east Queensland. To date Budget Direct has received over 3000 claims from the storms in NSW and South-east Queensland with damages topping $22 million. In November, Budget Direct received over 3700 claims from the major hailstorm which hit Brisbane, with claims totalling over $24 million. The company will have settled over 90% of these claims by the end of June.
“It will be interesting to see when we next survey whether people’s attitudes towards insurance change at all following the spate of natural disasters we’ve experienced,” said Ms Moody.
Budget Direct was recently awarded the national CANSTAR Five Star Outstanding Value Car Insurance award, the ninth year in a row the company has taken out top honours. CANSTAR’s Research manager Mitchell Watson said Budget Direct had an amazing track record.
CANSTAR, an independent research company, shadow-shopped 22,343 quotes to research and rate 61 car insurance policies from 53 providers. CANSTAR also conducted a consumer survey to rate providers’ claims service.
* Source: McCrindle Research Survey conducted February 2015 on behalf of Budget Direct. 1023 respondents aged 18 and over participated from all states and territories.