AAMI has hit back at the results of a Coles Insurance survey that claims other motor insurers are charging “at least $305 million more than they need to”.

It says 77% of the survey participants cited price as the most important feature when choosing car insurance.

But AAMI Corporate Affairs Manager Reuben Aitchison told insuranceNEWS.com.au the issue is not simply about price and that the Coles claim is “ridiculous”.

“We put together a range of products targeting different needs,” he said. “If people didn’t feel they were getting value, they wouldn’t buy them.

“Claims that everyone who pays more than a Coles policy is overpaying are ridiculous.”

An NRMA Insurance spokesman would not comment on the survey specifically, but told insuranceNEWS.com.au the company takes all competitors seriously.

The survey is based on a population sample from the Australian Bureau of Statistics 2011 figures and research by Roy Morgan.