Consumers could be paying up to a third more for their insurance policies when they use online comparison sites as opposed to through insurance brokers and businesses.*
In the last few years, comparison engines have faced a lot of scrutiny over the way they promote certain energy, insurance and broadband providers – with questions on how much commission they’re actually getting to show certain packages at the top of their searches.
Analysis from consultancy firm, GlobalData, suggests that some sites are costing Brits heavily, with prices up 84% on these websites as opposed to what providers are offering direct.
For motorists, this could mean spending up to £360 to insure their vehicle.
In this example, a policy was quoted directly at just £248.64 by the insurer, with the identical profile fulfilled via the comparison site rising to a considerable £614.88.
According to the Telegraph, these higher costs are passed onto motorists and policyholders as a way of handling secret commission charges from featured policies comparison sites.
How can you avoid the most common pitfalls? We can help.
When it comes to your insurance, it’s crucial to balance finding the best value deal with the policy that gives you the best protection.
Whilst price comparison websites aim to deliver the cheapest offers for financial products, they consistently don’t meet expectations matching applicants with the insurance cover they actually need.
This is largely due to the assumptions they make about your circumstances, and without having a professional broker available to ask the right questions, you might find yourself looking in completely the wrong place.
It’s also commonplace to find that the additional extras you were quoted as having free automatically renew at a cost the following year. Or that other benefits you might actually find valuable are missing altogether.
Don’t suffer in silence with your cover.
Every day, we match our customers with policies tailored to their bespoke needs and requirements. Talk to our brokers today for more information about our range of policies and providers.
*Source: The Telegraph