Men are behind the wheel on car insurance

When it comes to understanding what they are purchasing it appears that women are much better buyers than men. Research published by Tescocompare.com, reveals that women are much more likely to have read the descriptions and details of what they buy than men, apart from when it comes to those traditionally male items – cars and technology.

For example when it comes to ingredients on food and drinks labels – women (37%) are almost twice as likely to thoroughly read the descriptions and details than men are (23%). Women are also more likely to check any credit agreements they get, and pore over the bank statements.

But when it comes to cars and technology purchases, men - perhaps unsurprisingly - pay more attention. They are more likely to read the small print on car insurance than women (56% of men claim to do this compared to 50% of women). Also men are more likely to examine the fine print in a mobile phone, broadband or cable agreement.

However, it doesn’t matter how much the general public checks the small print – a significant minority still seem to get caught out by the products and services they buy each year.

The research reveals that 1 million Brits have not been able to claim on a travel, home or car insurance policy in the last year because they weren’t covered, despite believing that they were. This mistake in purchasing has typically cost £736.

Of these, a vast majority (82%) say it has altered the way they will go about dealing with this sort of purchase in the future.

What is perhaps most surprising is that those that have had a claim turned down were more thorough when they read the small print on their insurance policy than the average Brit. 61% of those that haven’t been able to claim on their car insurance in the last year claim they thoroughly read the descriptions and details of the policy compared to 53% of Brits overall. This suggests that regardless of how carefully people check the insurance they are buying is right for them, many still don’t understand what it is they are buying.

Commenting on the research, Paul Baxter of Tescocompare.com said: “Insurance polices can be complicated, and it is not surprising that so many people find themselves in a situation where they thought they were covered when in fact they weren’t. The predication – fuelled by many comparison sites – to simply purchase car insurance on price alone perhaps contributes to this lack of understanding. Tescocompare.com is one of the first comparison sites to compare car insurance policies not just on price but also by what is covered, thereby giving consumers extra information to help prevent them making a purchase they may end up regretting.”

Tescocompare.com allows consumers to compare 25 different policy features – as well as the premium quoted – to help consumers choose not just the cheapest policy, but also the one which is right for them.

Tescocompare.com differentiates itself from other car insurance comparison sites by guaranteeing that the price quoted on the site doesn’t change when the customers clicks through to buy. Also, the price quoted on Tescocompare.com will be the same or cheaper than if the customer went direct.

Visit Tesco Compare at tescocompare.com.