Insurance customers would prefer their policy provider didn’t raise their premium at the time of renewal than give them an insurance rebate during lockdown, according to a survey from Consumer Intelligence.
The market analytics firm found 52% of insurance buyers believe providers shouldn’t hike premiums during the pandemic, in contrast to 42% who hoped for a rebate – a move Admiral and more recently LV= have taken.
Although Consumer Intelligence CEO Ian Hughes referred to the execution of Admiral’s rebate as “masterful” due to the publicity the firm gained, he believes the data shows there could be a better way to maintain customers’ loyalty during the pandemic.
“We know that the number of people searching for car insurance is at an all-time low, seeming to confirm that people have more to worry about than how to avoid a loyalty penalty,” he said in a blog post.
“Now is not the time to take advantage of those difficult distractions.”