Home and property insurance is more important than car insurance, according to new Zelros survey

38,824 people died as a result of car accidents in 2020. Despite the high number of fatal car accidents, and car accidents in general, only 17.4% of people feel that automobile/vehicle insurance is the most important type of insurance to have, according to a study conducted by Zelros spanning over 1,000 people in the United States, Canada and Europe.

24.8% of people surveyed said that vehicle insurance was the second most important insurance to have, following after home or property insurance. Health insurance was overwhelmingly regarded as the most important insurance to have, with 41.6% of people surveyed saying that it is most important. 
 

Considering the number of car accidents, both fatal and nonfatal, why is home or property insurance regarded as more important than vehicle insurance? 

A home is more essential to more people than a car – with Uber, public transportation, and walkable cities, some people see a home as much more important and essential than a car. 

Car insurance can be very expensive due to risk – it is more difficult to steal a house than it is a car. Plus, your car encounters more chances of being damaged on the road than your house does on a daily basis. Granted, when a house is damaged, it can be devastating. However, your car has a much greater probability of getting dented up, bumped into or totaled every day than your house. Plus, it is cheaper to replace a car than it is to replace a house, and you will probably have to replace your vehicle more often than your home.

The value of a car – as soon as you drive a car off the lot, you lose money. A car will lose between 15% and 20% of its value each year. Land, however, does not depreciate. People may believe it is more important to insure their more valuable assets. For a majority of people, your home and land will be more valuable and dependable than your car.

Zelros, founded in 2016 by Christophe Bourguignat, Fabien Vauchelles and Damien Philippon, is using artificial Intelligence and Machine Learning technology to help make sure more people are covered, aware of their insurance policy needs and are given highly personalized recommendations when they need it. Zelros’ data allows them to help insurers provide policyholders with the right coverage for their needs as they occur in real-time.