Majority of motor insurance consumers don't know where to complain if unsatisfied by service
A MFSA survey on motor insurance showed how 66% of consumers did not know what to do if a complaint lodged with the company is not handled to their satisfaction
18 February 2020, 6:06pm
by Karl Azzopardi
by Karl Azzopardi
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61% of insurers bought their policy directly from the insurance company, 21% chose to purchase though a broker, 17% through an agent and 1% through an insurance website.
Statistics revealed that the majority of females purchased their car insurance directly from the insurance company, while the majority of males bought their's through a retail intermediary.
The majority of respondents also retained their current provider, with 85% choosing to stay with the same company.
From the participants, 80% correctly stated the name of their insurer, 14% cited their insurance intermediary, and 6% said that they didn’t know.
Looking ahead, the MFSA said that the study revealed customer’s lack of knowledge on their rights as consumers.
The reluctance to change provider was also highlighted by the MFSA, who attributed the results to cultural tendencies and consumer education.
“The MFSA plans to embark on a number of consumer education initiatives with respect to insurance products,” the report read.
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