Online poll reveals consumers could be missing insurance savings when
buying a new car
HARTFORD, Conn.--(BUSINESS WIRE)--
Travelers (NYSE: TRV)
today announced another way for customers to save on auto
insurance with the unveiling of its New Car Discount. The New Car
Discount provides savings of up to 10 percent on auto collision
coverage for new vehicles. It applies to vehicles less than three
years old, with the level of discount based on the car’s model year.*
“The New Car Discount is one more way that Travelers is helping
customers save money while delivering peace of mind that they have the
right auto
insurance coverage,” said William Pearse, Vice President of Product
Strategy and Design for Travelers. “It can be easy to get caught up in
the features and looks of a new car, but it’s important to make sure
your new investment is properly protected.”
New car sales have grown in many vehicle segments when comparing
year-end figures from 2009 and 2010.** When it comes to purchasing
a new car, insurance costs and coverage may be one of the furthest
things from a consumer’s mind. A recent nonscientific online poll on Travelers.com
revealed that when consumers were asked what they consider when buying a
car, the make and model of the vehicle was the top answer. Insurance
costs and coverage received the least amount of votes. By not
considering insurance during the car-buying process, many new-car buyers
could potentially be exposed to financial risks or miss savings
opportunities. More than 1,600 consumers took the poll, which asked the
top considerations when buying a new car. The numbers below rank the
final results:
-
Make/Model 53.1%
-
Safety 31.3%
-
Options 6.3%
-
Resale Value 5.8%
-
Insurance Cost/Coverage 3.5%
When buying a new car, there are specific insurance coverages and
discounts to consider. For instance, Loan or Lease Gap Coverage can
protect new- or leased-car owners by covering
the gap between the actual cash value of the vehicle at the time of
loss and the unpaid principal due on the loan or lease in the event of a
total loss to a vehicle. In addition, Repair or Replacement Collision
Coverage can help to ensure a customer’s new car is replaced with a new
vehicle of the same make and model if a total loss occurs.***
“Buying a new vehicle is a big purchase and insurance considerations
should be part of the process. Considering insurance could save someone
hundreds of dollars both in the short term, with the right discounts, as
well as in the long term with the right coverage and policy limits
should something go wrong,” said Pearse. “An independent
insurance agent or insurance provider can make sure an auto policy
has the right coverages, discounts and limits to sufficiently protect a
driver’s assets.”
In addition to the New Car Discount, Travelers offers many other
coverage advantages
and discounts to its auto insurance customers such as Accident
Forgiveness, Paid in Full Discount, Safe Driver Advantage, a discount
for hybrid vehicles, and a Multi-Policy Discount.**** Information about
all of Travelers’ discounts as well as auto insurance coverage
basics is available at Travelers.com.
About Travelers
The Travelers Companies, Inc. (NYSE: TRV)
is a leading property casualty insurer selling primarily through
independent agents and brokers. The company’s diverse business lines
offer its global customers a wide range of coverage in the auto,
home
and business
settings. A component of the Dow Jones Industrial Average, Travelers has
more than 30,000 employees and generated revenues of approximately $25
billion in 2010. For more information, visit www.travelers.com.
*A discount of up to 10% applies only to collision coverage.The
discount may not be available in all states, for all products and is
subject to individual eligibility.
** Wall Street Journal, Auto Sales Market Data Center. http://online.wsj.com/mdc/public/page/2_3022-autosales.html
*** These are simplified descriptions of coverage. Whether a
particular loss is covered depends on the specific facts and the
provisions, exclusions and limits of the actual policy. These coverages
may not be available in all states and are subject to individual
eligibility.
**** Discounts and advantages may only apply to certain coverages,
may not be available in all states and are subject to individual
eligibility.
Source: Travelers
Contact:
Travelers
Matt Bordonaro, 860-277-7014