Insurance comparison websites are now one of the most common ways people buy home, car and travel insurance policies. Some comparison services offer also offer business, van, motorbike and a wide range of other insurance products. Using an online comparison service is a great way to search for the best deals without having to make lots of phone calls and complete forms.
The following commonly asked questions about insurance comparison sites will help you to understand how they work and get the best from them.
Should I Just Take Out The Cheapest Policy Offered?
Care must be taken when comparing insurance products, and it’s not just a case of looking at prices and premiums. Excess levels and other product details vary, and it’s important to understand exactly what you are buying. Buying the cheapest policy can be a false economy if you experience problems with cover when you need to make a claim.
Will One Comparison Site Search The Whole Insurance Market?
A typical comparison site will search over a hundred insurance providers for a car or household insurance product. However, there are insurance companies which don’t take part in comparison services. Specialist insurance brokers offer schemes and products which you won’t find online. Young drivers and drivers with convictions for driving offences may not find many car insurance quotes are offered by a comparison website. Homeowners living in flood plains or areas considered to be at risk of landslip may be declined any quotations.
Do I Have To Pay To Use A Comparison Service?
Insurance companies pay fees and commission to list their products on comparison services, so there are no charges to use them. Some insurance providers offer additional products once you purchase a policy, but you don’t have to take these. Additional offers may look appealing, but consider carefully if you really need them.
Are There Are Any Risks Involved In Using Insurance Comparison Websites?
The complex nature of insurance means that you have to take care when shopping for policies online. Buying motor or home insurance isn’t like buying your weekly groceries. It’s important to read and understand the questions that you are asked, as a policy will be underwritten based on your responses. Some sites have answers to many questions pre-filled, and it’s important to check that the assumed responses are correct. A simple error could mean that your policy is invalid when it comes to making a clam. Comparison sites often transfer you to an insurance company website to complete the sales process, and this is a further opportunity to check that your policy information is correct.
Are There Any Advantages To Buying From A Traditional Insurance Broker?
The main advantage of dealing with an insurance broker is that you can speak to someone and get advice about the best policy for your needs. Insurance brokers are highly regulated, and they are required by law to offer professional advice. It’s an insurance broker’s job to understand your needs and suggest the type of insurance policy that will offer the best cover and value. There’s no chance of making an error when buying insurance through a broker, and it’s their responsibility to select the right product. Most brokers have experts to deal with claims, and this can speed the process along and help you get maximum value from your policy.
Insurance comparison websites are a great way to review the market and get an indication of premiums, but you should always look beyond the prices. Insurance only has value when it comes to making a claim, and you’ll have wasted your money if a policy doesn’t pay when you need it to.
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