Although most Americans are actually willing to pay more for auto and home insurance to achieve greater peace of mind, the overwhelming majority mistakenly believe that their insurance covers them for risks against which many policies do not protect, leaving millions financially vulnerable.
These are the findings of a new survey on public perceptions of auto and home insurance, conducted by Zogby International for MetLife Auto & Home. When asked whether their current auto and home policy would provide coverage under various situations, many Americans incorrectly assumed that their insurance would take care of the loss, a potentially costly error that could result in significant out-of-pocket expenses.
Among the survey findings:
Avoiding Insurance Surprises is Surprisingly Easy
Despite this lack of understanding, consumers can avoid insurance gaps for many common losses; often for a premium that is equal to, or less than, the one they are currently paying. The key is to review their policies and then talk to their insurance agents or representatives about any coverage gaps that they identify.
"Consumers don't necessarily need"”or want"”to know every fine detail of their insurance policy, but they should feel confident that they're actually receiving the coverage they deserve. It always makes sense to ask questions and to shop around for the best value," said Bill Moore, president of MetLife Auto & Home. "Shopping on price alone can be "˜penny wise, pound foolish,' because while you may save money up-front, you can end up paying more in the end. The simplest solution"”and the best value for your money"”is to have the coverage you need automatically built into your policy. There's a lot of competition in the marketplace, and you can find a product that's right for you, with a little homework."
For more information about auto and home insurance, visit www.metlife.com.
The Zogby/MetLife Auto & Home insurance survey sample consisted of 1,204 adults who own auto insurance, and 1,203 adults who own homeowners or renters insurance, and living in a household with a telephone. The interviewing was conducted February 19-28, 2007.
Zogby International is a public opinion, research, and business solutions firm with experience working in 65 countries around the globe. Founded and led by John Zogby since 1984, Zogby International ranks as one of the industry's leaders thanks to its reputation for superior accuracy and reliability. Zogby specializes in telephone, Internet, and face-to-face survey research and analysis for political, corporate, non-profit, and governmental clients. The firm is headquartered in Utica, New York, with offices in Washington D.C. and Dubai, United Arab Emirates.
MetLife Auto & Home is one of the nation's leading personal lines property and casualty insurance companies. MetLife Auto & Home has developed a reputation for innovation in product design, being the first insurer to introduce product enhancements that provide greater value to consumers, including Identity Theft resolution services to both its auto and home insurance customers, offered at no additional charge. Identity theft resolution services are not available in all states, such as Massachusetts (available homeowners only) and North Carolina. MetLife Auto & Home is a subsidiary of MetLife, Inc. (NYSE: MET), a leading provider of insurance and financial services with operations throughout the U.S. and the Latin America, Europe and Asia Pacific regions. For more information, please visit www.metlife.com.
MetLife Auto & Home is a brand of Metropolitan Property and Casualty Insurance Company and its affiliates, Warwick, RI.