With motor insurance now available from direct writers, brokers and even banks, The Research Department took established player Zurich and compared its motor policies to the rest of the market
Comprehensive motor policies
In December 2001 Zurich Insurance won seven of the annual Insurance Times Awards, including sharing the accolade of Motor Insurer of the Year with Fortis, and winning Personal Lines Insurer of the Year. This month we decided to compare Zurich's motor products to see just how well they stack up against its competitors.
Using data from The Research Department's Aequos database, we analysed comprehensive motor policies in the broker, direct and bank distribution channels against the Zurich broker product. We picked a dozen typical product features to include in our analysis.
Many people working in the motor insurance industry believe it is simply a price-driven product, with all cover the same. However, it is interesting to note the wide variety of cover, features and benefits on offer.
Zurich's Car Solutions policy is a clear leader in the broker market, although there is little to separate it from the two nearest rivals - AXA Conwy and Royal & SunAlliance's R&SA Drive.
Key features of Zurich's policy include:
In the direct market, selling under the Eagle Star brand, Zurich offers broad levels of cover.
Key features of the Eagle Star product include:
Many customers might not think of their banks as the obvious place to buy motor insurance. However, from a cover point of view, some banks products are as good as, if not better than, those available direct or via brokers. Of the policies analysed in the banking sector Egg - the online bank - is one of the best in the market.
Key features of Egg's policy include: