Sensation seeking and automobile insurance coverage decisions: A moderated mediation model of gender and risk perception

We explored how and when sensation seeking influences consumers’ automobile insurance purchasing behavior by taking risk perception as a mediator and gender as a moderator. We collected data from 413 participants who purchased automobile liability insurance in China and employed the SPSS PROCESS macro for moderated mediation analysis. Our results revealed that sensation seeking had an indirect effect on insurance coverage purchasing behavior through risk perception, and that this mediating effect was moderated by gender. Men with higher (vs. lower) sensation seeking were more likely to have a lower risk perception and tended to purchase less insurance coverage. However, the indirect effect of sensation seeking was not significant among women. Our findings provide insight into the psychological mechanisms that influence consumers’ automobile insurance purchasing behavior.