Article 2024 · 0 citations

Factors Affecting Consumers' Comprehensive Vehicle Insurance Policy Purchasing Behavior

Kutlu, Muhammet, Adin, Serpil Sumer, Mola, Hilal, Kutlu, Seyma Sahin

Abstract

Research Originality: With increasing vehicle values in T & uuml;rkiye and high insurance costs, consumers' vehicle insurance purchasing preferences emerge as a dilemma. The study examines consumers' insurance purchasing behavior in this dilemma's context of risk and overconfidence tendencies. Research Objectives: This study aims to reveal the effects of individual characteristics, attitude toward risk, and overconfidence tendencies on comprehensive vehicle insurance policy purchasing behavior. Research Methods: A questionnaire was administered to 428 selected vehicle owners in Turkey, and the questionnaire results were analyzed using the binary logit model. Empirical Results: The study found that gender, education level, income level, market value of the vehicle, attitude towards risk, and self-confidence level have statistically significant effects on comprehensive vehicle insurance policy purchase decisions. Implications: The relationship between risk-taking behavior, overconfidence, and insurance purchasing behavior requires further discussion. Government policies that increase insurance awareness are recommended to weaken this relationship.

Keywords

risk-taking behavior comprehensive vehicle insurance policy purchase behavior binary logit model RISK PERCEPTION OVERCONFIDENCE TURKEY

WoS Categories

Economics

Sustainable Development Goals

No Poverty Zero Hunger Climate Action

Citation

Journal: ETIKONOMI
Year: 2024
Volume: 23
Issue: 2
Pages: 539-554
ISSN: 1412-8969
eISSN: 2461-0771
DOI: 10.15408/etk.v23i2.37807
WoS UID: WOS:001318218900018

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