Erie insurance has released the results of its latest survey that has shown that insurers have released so many humorous ads that are focused on the price of their products that consumers have been distracted from the actual coverage.
Among the participants in the survey, 68 percent said that the majority of the funny auto insurance ads were focused on the money savings they provide. Though these same respondents said that the coverage that a policy provides is the most important thing to consider when buying insurance, 74 percent said that the recent wave of price-focused car insurance ads have distracted them from that priority and have had them thinking about cost instead of how well the product would protect them.
According to the Erie Insurance vice president and product manager, Cody Cook, consumers are making important choices about their future financial wellbeing based on the information they’re receiving in “punch lines.” He went on to say that “Insurance is complex. Making a decision based on price alone and without the consultation of an insurance expert can have serious repercussions.”
Over half of the respondents of this survey also admitted that even after they had purchased a policy, they still weren’t entirely convinced that they had made the right choice. When asked to define the foundation terms used in insurance policies:
• 48 percent could not accurately define the coverage provided by liability, comprehensive, or collision insurance.
• 54 percent thought that the term “Affirmation or Premium” referred to the endorsement.
