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.
“Budget Direct is the only insurance provider in Australia recognised by CANSTAR as providing outstanding value nine years in a row,” said Mr Watson. “It’s important to note this award is not just about being the cheapest, we also compare features and measure claims satisfaction.”
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.
Budget Direct was established as an insurance provider in Australia in 2000. It is part of the international BHL group of companies headquartered in the British Isles. The group provides more than 8 million policies to insurance customers and administers $AUD 3 billion in premiums annually. Budget Direct offers Motor, Home & Contents and Travel Insurance as well as Roadside Assistance.
Budget Direct is a multi-award-winning insurer having won Money magazines Insurer of the Year 2019 for the third year in a row and Canstar’s Outstanding Value Car Insurance 2019 for 13 years in a row amongst many other awards. Our policies are underwritten by Auto & General Insurance Company Limited, an Australian insurance company regulated by APRA and a member of the Insurance Council of Australia.
Auto & General has specialised in the sale, management and underwriting of insurance products in Australia since 2000. Our insurance products include car, home and contents and travel. We provide insurance for a number of brands including Budget Direct, 1st for Women, Ozicare, Australia Post, Virgin Money, and ING. We have contact centres based in Queensland and claims assessing centres in Brisbane, Sydney, and Melbourne, in total employing in excess of 1500 people. Our commitment to providing exceptional service has seen the company win multiple industry awards.