A staggering variety of American drivers – about 96% – don’t understand the basic elements of their auto insurance coverage, a brand new survey by insurance comparability web site Insurify has discovered.
The survey, which interviewed greater than 1,000 respondents, assessed how properly drivers throughout America understand their auto insurance, asking them questions on their insurance policies, what it covers, and what elements have an effect on their insurance charges.
It discovered that the typical driver scored solely 56% on the survey – based mostly on commonplace scoring requirements, it could imply the respondents didn’t correctly understand how their auto insurance works.
Key findings of the examine embrace:
- 96% of drivers misunderstood no less than one key side of their auto insurance coverage, and greater than half have false assumptions about a number of options of their coverage.
“The average American driver spends over $1,632 on car insurance a year, but they might not even understand what that money is going towards,” commented Insurify supervisor of analysis and content material Kacie Saxer-Taulbee. “We wanted to publish this report to demystify car insurance basics and help drivers make more responsible decisions when buying coverage.”