InsuranceQuotes.com did a study of auto and homeowners insurance knowledge. Millennials — those coming to adulthood around the year 2000 — scored the worst though other age groups didn’t do that well either.
While this survey aims at personal lines, it does point out that most people do not have much in the way of insurance knowledge and we — those in the industry — would do well to pay more attention to educating our clients.
Or so says spokeswoman Laura Adams who hits the uninformed and those — agents and companies — who should be doing the informing. “These results indicate that millions of Americans need a refresher on what insurance does and does not cover. It doesn't hurt just to pick up your phone and talk to your company or agent."
Like other industry advisors, Adams recommends agents suggest and schedule a once a year insurance policy go-over.
Oh — the survey — almost forgot.
• 42% think people with red cars pay higher insurance rates than those with vehicles of other colors.
• Of those, 53% are Millennials.
• 44% of the 42% have college — or higher — degrees.
• 36% make $75,000 a year or more.
• Only 56% accurately know that insurance covers repairs for the motorist at fault.
• 20% — oddly enough — think they have to pay out of their own pockets even if the accident is not their fault.
• 34% think car insurance replaces stolen items when it is actually homeowners and renters that take care of those things.
• 17% don’t know where you live makes a difference in the price paid for insurance.
Source link: USA TODAY