A British website has become the first to launch a car insurance comparison app for smart phones. MoneySupermarket.com believes that this will fundamentally the change the way that people go about purchasing auto insurance.
Developed in collaboration with award winning digital technology company Mobile Interactive Group (MIG), the app aims to make comparing car insurance quotes both faster and easier for consumers; comparing premiums available through over 100 car insurance companies featured on the MoneySupermarket website.
This fits in with the advice being dished out by the Association of British Insurers (ABI); who has advised motorists to compare prices with at least 5 different insurers rather than simply accepting the renewal price offered to them by their present insurer. The ABI believes that this will cut 35% off the average motorist’s annual insurance bill which will go a significant way to addressing the 40% price rises that insurers have handed out to British motorists over the past 12 months.
How does it work?
The car insurance app is available for download free of charge from either iTunes or direct from the MoneySupermarket website.
Once it has been downloaded onto a portable apple device; users will be asked to create a MoneySupermarket account which will store information about the user which is relevant in the calculation of premiums; questions about age, gender, occupation and the area lived in are to be expected. The advantage of creating an account with the company is that this information will not need to be entered again; saving users time on the next occasion that they are on the look out for a car insurance quote.
Putting in information about a vehicle that the user is considering insuring themselves on has also been made easier than ever before, with MoneySupermarket customers simply having to take a photograph of he car registration plate. The app will then retrieve the information which is required in order to calculate a premium from vehicle information databases. This saves users the time which is needed to individual type in the details of each vehicle and removes any uncertainty users may have about the vehicles actual specifications.
The app will then retrieve quotes from the insurers who are featured on the MoneySupermarket website; allowing users to compare quotes available through over 100 car insurance companies. Each of these quotes will have a click to call button alongside them which will make it both faster and easier for motorists to arrange for potential policies to be put in place.
Will this be made available abroad?
The UK has one of the advanced insurance industries in the developed world, and it is therefore unsurprising that it should be the first country to develop an app for the ever expanding smart phone market place.
MoneySupermarket.com’s Julie Fisher stated that the launch of the app signals a big change for the industry and predicted that other price comparison companies will unveil similar systems in the near future.
Price comparison companies in the USA are not heavily established due to the different legislations that are in action in different states within the country. It is therefore likely that individual insurers will take heed of this technology; releasing apps which only retrieve quotes provided by themselves. This will take away one of the main advantages that UK consumers are enjoying with this app, as it allows them to shorten the time it takes to compare all the prices available on the market place; hence giving them a better chance of finding the cheapest deals.
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