Fair Comparison
When it comes to shopping for financial products, comparison websites have become incredibly popular in recent years. In fact, the sector grew so quickly that there are now many comparison websites in competition with each other and it is difficult to watch the television for any period of time without seeing an advert for such a site.
Comparison websites offer to the do the legwork of shopping for a financial product for you. They search round the market and find you the best possible deal out there, meaning that when they come back to you with a final policy it’s the best that you can find.
Unfortunately, according to the FSA, this isn’t always true, and when it comes to home insurance it’s definitely not true. No two home insurance policies should be alike by the simple fact that no two sets of possessions are exactly the same.
The best home insurance policy (and in fact the best insurance policy of any sort) is the one that is most closely tailored to your individual circumstances and needs. For this reason, getting a policy from a comparison website where you haven’t actually spoken to someone regrading your particular circumstances is not the best way.
Further, some insurance providers have withdrawn their policies from comparison websites so the entire market isn’t being scanned, and some offer discounts when you go directly to their website, again making it possible to find cheaper deals through other methods.
The reason for this is that comparison websites make their money by commission from insurance companies and advertising. This commission doesn’t come out of the insurance company’s pocket, it comes out of yours and therefore the policy might be more expensive through a different website, or even directly from the insurer.
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