Research on the choice of car insurance in the Turkish insurance industry: The Istanbul example

People need the concept of insurance to be able to protect themselves from possible damages and to secure themselves against possible dangers they may encounter in their lives. In this context, individuals demand insurance from insurance companies in return for a certain premium. On the other hand, the insurance sector has an important share in the financial system of developing countries. As an indicator of this situation, it can be emphasized that casco insurance is the most widely used insurance type in practice in Turkey. In addition, it can be stated that the increasing number of vehicles in the sector every day also increases the number of people who have casco. It can also be stated that the casco branch increases premium production. Today, people who own vehicles primarily want to have casco insurance to protect themselves from possible risks in their vehicles. Since they want to prevent possible damages, they demand the opportunity to secure their vehicles with casco insurance in different ways. The aim of this study is to determine the factors that affect the choice of individuals residing in Istanbul on car insurance. Another aim of the study is to determine the factors that affect individuals' purchasing or not purchasing car insurance by including the demographic, socio-economic (income level, years of driving license, market value of the vehicle, etc.) characteristics of the individuals participating in the survey. According to the results obtained from the analyses in the study, it can be stated that there is no significant relationship between insurance ownership and gender, marital status, monthly average personal income, monthly average household income, driver's license group, the approximate ratio of the km of road traveled per year between cities and intercity and the previous material damage accident. It can be stated that there is a significant relationship between insurance ownership and other variables (age, education level, occupation, vehicle age, vehicle market value, driver's license ownership year, average km of road traveled per year, the presence of another user of the vehicle, the presence of insurance of the vehicle when it had a previous material damage accident).