Uncover consumer perceptions of non-annualised policies (NAPs) and their growing value in the motor insurance market

A combination of the social and economic effects of the Covid-19 pandemic, inflationary forces and increased public concern about the environment are altering the way many UK consumers use their cars. One consequence of these changes is growing interest in non-annualised policies (NAPs) for motor insurance.

NAPs come in several different forms, but the most common are:
• temporary policies that may offer cover for periods ranging from a few hours to many weeks;
• subscription policies designed to meet specific needs, renewed on a rolling basis each month
as needed;
• and pay-as-you-go policies.

It seems likely that NAPs will be more widely used during the next few years. Yet at present
there is little data available across the industry about how consumers are using the different types of NAPs, about who those consumers are and about the effectiveness of current application processes.

So, in response to demand from insurance providers, LexisNexis Risk Solutions is leading an effort to improve the collection and analysis of data related to NAPs. As part of this process, we partnered with Consumer Intelligence to survey more than 2,000 U.K. consumers, to assess levels of awareness and understanding of different types of NAP, reasons for their use, and consumers’ experiences when applying for and using these products.

This white paper sheds light on consumer perceptions of non-annualised policies and their growing value in the motor insurance market.