Is Confused.com,Compare the Market, Money Supermarket the best way to get your Insurance quotation?
Caution urged when consumers compare the market…..
“It’s long been the norm for people to use price comparison websites such as Compare the Market, Money Supermarket and Confused to find the best deal on their insurances. Indeed, around one third of consumers are estimated to purchase their car insurance through them.
“But people might think twice about using such sites after the Financial Conduct Authority (FCA) discovered that many aren’t meeting regulatory standards. Some were found to provide incomplete information, meaning customers very often aren’t able to make the best decision on which policy is right for them.
“Others were seen to emphasise price and brand over small print details, thus increasing the risk that consumers could miss key policy details including coverage, terms, level of cover and excesses.
“Perhaps most worryingly, in some cases consumers were incorrectly led to believe that the quotes presented were the most suitable, as they had been individually tailored to their needs.
“For those of us who work in the insurance industry, this news doesn’t come as any surprise. We’ve often warned about the problems associated with price comparison websites, and sometimes have to unpick a situation for a customer who comes to us for help after experiencing an issue to do with their cover.
“It’s certainly time that the price comparison websites take heed of the FCA’s warnings and present information clearly and transparently. This includes making users aware of any conflicts of interest in terms of wider insurance affiliations.
“Consumers also need to become savvier in terms of reading the small print and delving into the details of what’s on offer. Don’t take your initial quotes at face value, it’s worth spending a little time understanding what’s covered and what’s not so you don’t face any repercussions in the future.”
Andy Jenkins is Operations Director at Russell Scanlan, one of the UK’s leading independent insurance broking and risk managing firms