Automobile payment protection insurance: VDA study confirms high level of consumer satisfaction

    Press release

    Press release

    Berlin, February 08, 2023

    Protection of the family and preservation of individual mobility are essential motives for the conclusion – high level of satisfaction with consultation

    Consumers are very enthusiastic about payment protection insurance and satisfaction with the consultation is very high. This is shown by a study by Puls Marktforschung GmbH on the importance and customer perception of automotive payment protection insurance. The study was performed on behalf of the German Association of the Automotive Industry (VDA) last summer. For this purpose, 1,300 people were surveyed who had financed or leased a vehicle in the past 12 months.

    With automotive payment protection insurance, consumers can protect themselves against default risks such as death, accident, incapacity for work or unemployment when buying or leasing a vehicle. By far the most important reason for taking out automobile payment protection insurance is the need to protect one's own family from unexpected financial burdens. 70% of those surveyed gave this as a reason. 59% wanted to secure individual mobility in the event of unforeseen events.

    A key result of the study is the high level of customer satisfaction: 93% of those surveyed who are currently using automotive payment protection insurance can imagine taking out such insurance also the next time they buy a vehicle. And 87% have a positive, somewhat positive or neutral perception of automotive payment protection insurance.

    Almost two thirds of all insurance customers surveyed stated that this hedging instrument made it easier for them to decide to buy a new, technologically up-to-date vehicle. This indicates that payment protection insurance is also a decision-making criterion when purchasing vehicles with new drive technologies, such as electric cars.

    Consultation is perceived as informative
    77% of those surveyed rated the consultation as (mainly) informative, only 2% felt it was sales-oriented. After the interview, 88% of those surveyed felt very well or well informed and 93% stated that they felt fully informed about the scope of the risks covered.

    Press Office

    Eva Siegfried

    Spokesperson with focus on economics