I just posted a new study that should take you about 5 minutes to complete. If you would like to take the survey (and I would appreciate it very much), please look to the right sidebar under “Participate” and click on the “Take a quick anonymous survey” link. Thanks in advance for your help.
Irrationally Yours,
Dan
Hi, I’m Dan Ariely. I do research in behavioral economics and try to describe it in plain language. These findings have enriched my life, and my hope is that they will do the same for you.
The Honest Truth About Dishonesty: How We Lie to Everyone - Especially Ourselves
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The Upside of Irrationality, explores some positive and some negative ways that irrationality plays out in our lives.
When we make decisions we think we're in control. But are we?
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I thought the survey was fun but I have a few questions… If someone is selling insurance…then the unasked question is often…when (if) I need to file a claim, what percentage of the time will a claim be paid for in full…OR what part will NOT be covered and will have to be shouldered by the policy holder ?…after how much time and if a claim is to be paid for (in this situation)…is FEMA the primary insurer OR the company selling the policyholder?
In other words…IF (as a consumer) I believe that this policy will provide the necessary protection…do I explore the contract terms (and fine print) sufficiently enough to address the perceived risk…and out of pocket expenses?
i took the survey but i wanted to use the ’5′ on a couple of the responses and it wouldnt let me – so i had to plump for a number below 5 even though 5 would have ben my true answer
If you just clicked on it at 5 it actually did. I thought that too
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I found it difficult to put myself in that situation properly. I felt a bit like I wasn’t given enough information. Also, I wouldn’t buy insurance for anything without shopping around and checking up on claims made by the salesperson.
I had the same issue. I would have checked his facts and got back to him later.
Bingo. I always assume that salespeople are salespeople and have no reason to be very forthcoming to me. Whatever they provide me is always just a start point. That’s especially true whenever I’m buying something like insurance that is “pay now for benefit later” or any purchase that doesn’t recur very often (buying a house or car), because salespeople in those circumstances are likely to be gone the next time you’re looking for a similar product, and they don’t give a damn about anything but making the sale.
I would never buy an insurance policy based off what was given in this survey. To make such a decision, more a lot more information is needed.
I found the different water levels correlating to different costs quite interesting. This seems a scientific approach, but is very impractical and does not relate to what happens in the real world. A flood is a flood, whatever get’s damaged, should get replaced, repaired etc. as long as it’s within the ensured limit.
I work in flood risk management at the Federal level (putting together economic analysis, actually) and thought the insurance was a phenomenal deal, but that’s based upon some specialized knowledge that wasn’t available in the sales pitch, such as the likelihood of floods occurring within designated floodplains.
I would want a lot more information, more about claims, not just actuarial stuff. Also more info about how the federal backing works, some research into the viability of the company, and comparative quotes from elsewhere. It’s a pretty naive buyer these days who buys on a single quote.
I would buy it because it is cheap… Insurance guys and the company are slime balls…
Um, what about the, “accurate documentation necessary for claim reimbursement. Company reserves the right to determine what is accurate documentation.” Nice racket.
I did your survey. I had to buy renters insurance yesterday, and had gone through decision making of the same kind. And my house flooded like a year ago and the insurance of the owner kicked in and solved everything. Anyway it was just interesting that it was about that.
have a great autumn day!!
Graciela Blankemeyer
I worked in Insurance, so I had a lot of questions that I would have asked that weren’t answered in the presentation.
I also would have gotten multiple quotes before choosing.
I would have checked out the rating of the company before buying.
The company’s rating of Bob sounds wonderful, but they are motivated to make sure their agent’s sound trustworthy and I have no idea what the satisfaction survey was asking or how it was administered.
The idea that FEMA backs them sounds marvelous, but by how much? I don’t understand that system and I would want to. It probably doesn’t differentiate them from any other company I might choose.
I don’t know what type of house I personally have but the estimates were for a) a slab house b) a National Average.
National averages are lower than high COL places. It would be better for me to get a local average and one associated with my type of home.
Insurance companies are great at making factually accurate statements that are entirely misleading. Well, to be fair, all marketing does that. But for something as important as insurance of any kind, make sure you pay attention to the details.
A very difficult survey to absorb as there was so much info and facts & figures. I think I stopped paying serious attention when Bob said he had sold 35 policies in my neighbourhood. Sounded curiously low if he had been working in the area for a long time.
Then when the questions were finally listed, I had forgotten the facts & figures, or even if they were relevant at all.
The first question in the survey was confusing as it seemed to force me to respond to an answer that I was uncomfortable with. I really wanted to say: insufficient info to decide. The same for the slider responses, so I gave an answer for the sake of it rather than real decision making.
QUESTION: will you be publishing the results of these surveys at all? Or background to what you are trying to find out?
Just saw you on CNN
Very very interesting.
I will buy your book.
Thank you
Interesting survey, it is done.
what is benefits if i buy ?
Thanks admin
After survey, Robin van Persie will now be Manchester United’s first-choice penalty taker.
Hi there,I enjoy reading through your survey, I wanted to write a little comment to support you and wish you a good continuationAll the best for all your blogging efforts.
Should you decide just clicked on it at 5 it in fact did. I thought that too
Verti Draining
Thanks dan for sharing this survey, it will help to those people who really need it.
I have done the survey, that was quite a tough decision to make. Hope I can contribute a little.