Moustachioed gentlemen have long since hollered the benefits of comparing insurance providers’ quotes before choosing which to purchase, but is this really the best way to get the most appropriate insurance for your money, or could it, in fact, potentially cost you more?
The speed at which comparison sites throw up quotes is the main benefit to using them — saving hours of trawling through a huge array of providers, inputting your details numerous times. However, comparison sites often rely on assumptions and generalisations about personal circumstances, leaving you open to having to pay more than if you had been given the opportunity to answer the question yourself.
For example, if you declare that your property has previously flooded, some comparison sites won’t ask how long ago this happened, meaning that you will be charged as per worst-case scenario, a move that could cost you hundreds of pounds. Similarly, declaring a bankruptcy in the household generates a series of assumptions, some of which can cost you more or even preclude you from taking out insurance.
A decent no-claims record can reduce your premium significantly, however many comparison sites only allow you to tick a ‘nine or more years’ box, resulting in a, for example, twenty-year claim-free record going unrecognised.
Some scenarios artificially lower quotes which, at face value, may seem like a good thing. However, this can result in a lot of wasted time if, when you put details into the insurer’s own website, your quote rises to an unaffordable level. Scenarios such as whether you live in the property at weekends are often overlooked on comparison sites, meaning that when you declare your home as empty at weekends on the insurer’s site, your premium will jump considerably. A similar situation can occur if you have a tree near your property — insurers are wary of large trees and the presence of one will alter your premiums. However, if the comparison site doesn’t request that you offer up this information, you may find yourself needlessly filling out forms for an unaffordable policy.
The bottom line is that it is often simpler and more transparent to speak to an insurance broker, who will be able to compare suitable policies without using a comparison site, getting you the very best value for money.
