Car insurance has been a constant headache for motorists over the past couple of years, with young drivers being the worst affected. One method suggested by the ABI (Association of British Insurers) which could help to reduce this financial burden is comparing deals available through multiple providers in order to ensure that the most competitive deal is obtained. The ABI claims that this would cut 30% off the average motorist’s insurance expenditure.
Despite the potential savings available to those employing this method, a large number of motorists still simply accept the renewal offer given to them by their present insurer without dispute. The reason most commonly given for this is the time that it would take to enter the information required in order to retrieve these quotes and then filter through the offers that are available.
However, a UK based comparison company is now making an effort to make the quote retrieval process both faster and easier.
Car insurance comparison app
MoneySupermarket.com has become the first company to launch a car insurance price comparison app which is usable on the majority of Apple products (iPhone, iPad and iPod Touch). Unlike the other app that have so far been launched which only compare quotes available through one provider; the MoneySupermarket car insurance app compares deals available through over 100 different car insurance companies hence increasing the users chance of finding the cheapest deals available.
The area which was found to be the obstacle in the companies crusade to encourage more people to compare deals rather than simply accepting their renewal price was data entry; with the time required to enter personal and vehicle information both being cited by motorists as being their biggest concern.
App developers MIG (Mobile Interactive Group) haven taken this into account when drawing up the design for the app. Firstly users now need only enter their personal information on the first occasion on which they use the app by creating a MoneySupermarket user account. This will then store the information which is entered for future reference; meaning that users don’t need to take the time to enter the information every single time that a quote is desired.
However it is the vehicle information stage which is the most impressive aspect of the design; with users merely having to take a photograph of vehicle registration plate of any vehicle that they are looking for insurance on. The app then accesses the vehicle database held by the UK’s motoring authority the DVLA and retrieves any information which will be required in order for premiums to be calculated.
Another impressive aspect of the app is the fact that quotes can be saved for future reference; giving users the possibility to compare the kind of premiums that they would be liable to pay on various different vehicles. This could have ramifications in the car buying process as it will allow motorists to weigh up which vehicle would be the best one to opt for in terms of insurance premiums. The portable nature of the app means that this can be done in any place; even in a vehicle forecourt.
Ramifications
The app has been hailed as a landmark moment in the insurance price comparison industry; making the process much easier to understand for the majority of motorists and hence making the industry more accessible. This is believed to have prompted a number of MoneySupermarket’s competitors to start designing similar apps for launch over the course of 2012 and it is unlikely that the app will remain confined to the car insurance industry; with both home and travel insurance also likely to be prime for targeting.
Price comparison companies in other countries are also likely to have been monitoring MoneySupermarket’s activities and it would not be a surprise to see them attempt to launch similar apps on their respective markets very soon.
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