The interest of Peruvians in finding insurance for used vehicles increased almost 8 times in the last year, according to a report by Qualitas.
And it is that between January and April of last year, 699 average searches per month were registered on the policy for used cars, which increased to 3,004 for the four-month period from May to August 2021. Meanwhile, for the period of September 2021 As of February 2022, the monthly demand for this insurance product rose to 5,411.
Rodolfo García, general manager of Quálitas, explained that the trend is leaning towards used vehicles because there is little stock of new vehicles due to logistical problems to bring units to different countries.
“Since there is no stock of new cars, we see that there is beginning to be greater interest in insuring the used vehicle. Many people used to change their vehicles every few years, both companies and individuals every 3 or 4 years finished their credits, returned the car they had and exchanged for a new one. But right now, some still, due to mistrust in the political and economic environment, decide not to do it, and those who decide to do it cannot find the unit they want because there is a low stock. It makes one have to retain the used vehicle and there is a need to insure it”, explained the specialist.
He added that in Peru, around 23% to 25% of vehicles have insurance, so they see used cars as a potential opportunity to expand the base.
Post-pandemic trends
The executive explained that with the first restrictions of the pandemic, demand was reduced due to “believing that insurance is not needed”, due to the lower use of these due to the quarantine. Trend that increased with the release of activities. Thus, in 2021 the sector grew compared to 2020, but has not yet reached pre-pandemic levels.
Likewise, another trend since the arrival of Covid-19 was related to the increase in delivery service in both businesses and supermarkets. “Many motorcycles came to the market to meet the demand of customers who did not want to leave their homes,” he said.
Source: Larepublica
Kingston is an accomplished author and journalist, known for his in-depth and engaging writing on sports. He currently works as a writer at 247 News Agency, where he has established himself as a respected voice in the sports industry.
