Is the COVID-19 Crisis Affecting Consumers’ Non-Healthcare Insurance Needs?
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As part of our ongoing commitment to put the voice of your customers right at your fingertips, Suzy will be providing updates on consumer sentiment regarding the ongoing COVID-19 crisis as the situation develops. Check out our Consumer Insights hub for more stats, trackers, webinars, and more.
It’s no surprise that health insurance is on a lot of people’s minds right now; after all, the number of Coronavirus cases in the country is rapidly increasing, as is the number of people in America who’ve lost their jobs and might no longer get healthcare coverage through their employers. But what about other forms of insurance, like car, life, and property? These types of plans are being affected by the COVID-19 pandemic, too – several consumer groups are even advocating that state insurance commissioners lower auto insurance rates to accommodate for the decreased amount of driving being done in the United States.
When Suzy tapped into our always-on network to find out for ourselves, the majority of the consumers we asked did not seem concerned with buying a new insurance policy at this time:
Only 6% want to purchase a new car insurance policy right now.
At 5%, even fewer are considering a new property insurance policy.
Only 7% are considering a new life insurance policy
However, they’re also not thinking about ending any policies right now, either:
Once again, only 6% of consumers are thinking of ending their car insurance policy.
About 5% are considering ending a property insurance policy.
Only 4% of consumers would consider ending their life insurance policy right now.
We wanted to dig deeper, so we asked:
How do you think insurance companies could best help you during this time?
Not surprisingly, their answers were similar to those of the worried consumers we asked about other types of financial service companies – they think insurance providers should halt or delay payments and lower rates.
“Insurance companies should freeze payments during this difficult time.”
“Offering improvements in payment rates and offering payment methods more in line with the looming bad economy.”
“They could refund a percentage of car insurance premiums, since driving has been greatly restricted.”
“Lower my rates because I am no longer driving anywhere.”
Want to know more about what consumers think? Contact us to launch your first question with Suzy today.