Life insurance representatives set to target motor insurance firms

Life insurance companies may soon start targeting the motor insurance industry as their client numbers continue to dwindle amid the global economic crisis.

One motor insurance boss has noticed there has been a marked rise in the number of life insurance representatives approaching his firm to sell these policies.

He said, “The economic downturn means that fewer people want to buy life insurance and these agents have less business, so they are now exploring selling other types of insurance; and among non-life insurance, motor insurance is the most lucrative.”

Last year car insurance premiums made up almost half of all general insurance premiums collected.

The insurance expert also believes that future developments in the new car industry will have an important effect in shaping the insurance landscape, saying, “Car buyers used to get their insurance from car salesmen but as car sales drop and more people renew their policies of their existing cars, insurance agents will have more chances to sell policies. If you are buying a new car, the car distributor is probably ties to a particular insurer and you won’t have as much choice.”

With the number of motorists keeping their existing vehicles, insurance policies will need to be renewed, allowing drivers more time to shop around for the best deals on offer. This has a knock on affect of increasing the competition between insurers, leading to a better service being available.

The motor insurance boss goes on to say, “There should be more attentive service because the representative will have more reasons to be honest with you than a car salesman because they will use motor insurance as an inroad to sell other types of insurance. Overall the effect for consumers should be positive.”

When it comes to getting the cheapest car insurance quotes, the best deals on offer can be found from the comfort of home on the internet.

You can be inundated with deals to choose from in seconds, allowing you to search quickly and easily for the arrangements that are best for your individual needs.

You are likely to be offered three types of motor insurance too, fully comprehensive, third party only cover and third party fire and theft cover. Depending on your circumstances, how much you can afford and value of your car, will determine which type of cover is the best for you.

Leave a comment

Name (required)

Mail (will not be published) (required)

Website