Abstract
The primary purpose of vehicle insurance is to cover the vehicle against damage, personal injury, and third-party liability. In addition to this, some insurance companies also provide value-added services such as roadside assistance and other services in return of the amount called as premium which attracts a large number of customers. However, our study shows that vehicle owners give maximum importance to the cost of insurance in terms of the annual premium. Primary data has been collected through questionnaire and analysed to ascertain about the factors responsible for taking out vehicle insurance, choice between private and public sector insurance companies, preferred insurance companies among the major players in the field, factors that play a role in the customers’ choice of a particular insurance company, customers’ opinion about the affordability of the premium to be paid, customers’ satisfaction with their chosen company, whether customers consider fast and efficient service as a deciding factor, and whether the brand value of the company plays a role in the customers’ choice.
Highlights
Insurance is a means of protection from financial loss
Primary data has been collected through questionnaire and analysed to ascertain about the factors responsible for taking out vehicle insurance, choice between private and public sector insurance companies, preferred insurance companies among the major players in the field, factors that play a role in the customers’ choice of a particular insurance company, customers’ opinion about the affordability of the premium to be paid, customers’ satisfaction with their chosen company, whether customers consider fast and efficient service as a deciding factor, and whether the brand value of the company plays a role in the customers’ choice
We collect and analyze the opinions of the customers, who avail the services of vehicle insurance companies in the North Bengaluru area, via a questionnaire which ascertains the customers’ opinion about the factors responsible for taking out vehicle insurance, choice between private and public sector insurance companies, preferred insurance companies among the major players in the field, factors that play a role in the customers’ choice of a particular insurance company, customers’ opinion about the affordability of the premium to be paid, customers’ satisfaction with their chosen company, whether customers consider fast and efficient service as a deciding factor, and whether brand value of the company plays a role in the customers’ choice
Summary
The insurance sector is one of the most important sectors for the economic growth of the country It facilitates economic transactions by transferring the risk to the third party. The importance of insurance can be recognized by the fact that the insurance programme has been an integral part of UNCTAD's mandate since the establishment of the organization in 1964 [1]. As humans and their possessions are always prone to risk because of uncertainties, these uncertainties cause financial loss to them. It is a subpart of risk management used to hedge against risk. We collect and analyze the opinions of the customers, who avail the services of vehicle insurance companies in the North Bengaluru area, via a questionnaire which ascertains the customers’ opinion about the factors responsible for taking out vehicle insurance, choice between private and public sector insurance companies, preferred insurance companies among the major players in the field, factors that play a role in the customers’ choice of a particular insurance company, customers’ opinion about the affordability of the premium to be paid, customers’ satisfaction with their chosen company, whether customers consider fast and efficient service as a deciding factor, and whether brand value of the company plays a role in the customers’ choice
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