The Chubb survey was conducted to highlight the significance of auto insurance education among individuals and families
Image: Chubb releases results of its auto insurance survey. (Credit: Pixabay/freestocks-photos.)
A research conducted by insurance giant Chubb on auto insurance policies has found that drivers do not fully understand their auto insurance.
The survey showed that more than half of them were not able to explain specific details and coverages on their policy.
As per Chubb, the survey was undertaken to highlight the significance of auto insurance education among successful individuals and families, as many drivers lack knowledge on their policy provisions.
In the Chubb survey, 91% stated that it was essential for their vehicle to be repaired back to pre-claim condition, yet 32% were not sure or did not believe that their insurer would pay for their vehicle to be repaired with original equipment manufacturer (OEM) parts.
It was found that 82% of the respondents also thought that it is very important that their insurer pays for their vehicle’s repair with OEM parts, yet not all insurance policies cover such costs.
Chubb North America Personal Risk Services Division President Fran O’Brien said: “The most important thing a driver can do is choose an insurance policy that provides them with peace of mind in the event of an accident.
“Our recent survey results, coupled with newly created Chubb auto resources, are meant to help agents and brokers address everyday pain points with their auto clients and help them to make informed decisions on their auto insurance policies.”
Additional finding of the Chubb survey
Additional findings in the survey show that 22% of the respondents believe that they will be able to repair to their car wherever they want. However but the survey participants think that may have to pay extra money to use a shop outside of their insurer’s collision repair network.
In addition, 38% of the participants were not sure or did not think that their insurer covers similar vehicle rental during car repairs.
With operations in 54 countries and territories, Chubb is a property and casualty insurance company. With executive offices in Zurich, New York, London, Paris and other locations, the company employs over 30,000 people worldwide.