Sociodemographic factors and perceived insecurity in the willingness to purchase vehicle insurance in Mexico
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This study examines the relationship between sociodemographic factors, perceived insecurity, and the willingness to purchase vehicle insurance in Mexico. Based on a survey administered to a sample of 540 individuals, an ordered logit model is estimated to identify the determinants influencing the intention to acquire or expand a policy. The results indicate that perceived insecurity in public transportation and at home, income level, age, and educational attainment have significant effects on such willingness. Furthermore, the marginal effect of each variable is calculated to facilitate the substantive interpretation of the findings. The study provides empirical evidence on how contexts of perceived risk shape insurance consumption behavior is, offering relevant implications for policymakers and stakeholders in the insurance sector.
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