When it comes to buying your insurance these days you have many options and there are certain questions you need to ask yourself before settling down and making a decision on which path is best for you and we have tried to answer some of the top queries. that people usually have in the following article.
What is the difference between a broker and a price comparison website?
A price comparison website will have a set list of questions to answer and once it has received answers to the relevant questions, it will check a number of insurers and come back with multiple quotes from various insurance companies that will pay people . managing the website a portion of the commission for being on the site, which means your price could be higher simply because you effectively have to pay multiple people with your premium.
A Broker is very different in that you can talk directly to a Broker and you will get a personal touch with them and they will not read a list of questions that they hope is enough for everyone but they will treat you as an individual and personalize you. policy for you. Also, as you are dealing with a professional broker, they will be knowledgeable about the markets they trade and should approach several companies on your behalf to get you the most competitive offer available.
Is it possible to check the coverage of the policy on a price comparison website?
The only thing with price comparison websites is that there have been multiple complaints about certain levels of coverage not being included in policies sold through price comparison websites and that it is difficult to see the full level of coverage. coverage and after a full investigation the FCA on these websites found the top 5 issues as follows:
– The Coverage Levels and the Excesses of the Policy were not clear enough.
– The Exclusions and any Limitations of the Policy were not clear enough.
– The Rates charged for Cancellations and Adjustments were not shown.
– They did not have a clear Statement of Demands and Needs.
– The personal data that was entered was being used by companies and others for marketing purposes and it was not clear how to opt out.
What are the benefits of using a broker?
If a broker is doing their job correctly, after you’ve requested a quote and provided all the information the broker will ask for, you’ll go check the markets and get the insurance policy that’s right for you. They must then (prior to any purchase) send you full details of the Insurance Policy they are recommending to you, including a full policy wording and a breakdown of applicable charges and fees. This means that you will be in a position where you can check the 5 things that were hard to find or not shown on a price comparison website.
Conclusion of the price comparison website
Price comparison websites are by no means unusable and you can get good quotes and insurance policies from them if you remember to check the following:
– Check more than one price comparison website, as no website can get a quote from every insurance company, so checking more will get you more quotes.
– Always check which boxes on websites are pre-filled, as your answer is assumed and you should be happy with every answer given.
– The cheapest does not mean the best, check all the quotes given for things such as Excesses and Charges collected, since the fact that it is the cheapest policy to buy does not mean that it will be the cheapest in all aspects.
– If you are looking for a complex insurance policy then these sites are not for you as they only offer standard products which means anything that is not standard will not fit on these sites and you will not be able to ask for any advice if they are unsure.
– You can get quotes and buy insurance policies at any time of the day or night and therefore can be more convenient than dealing with a broker
Insurance Brokers Conclusion
Insurance brokers do have some drawbacks, such as generally only being open from 9am to 5pm. through a price comparison website and are as follows:
– Easier to know in depth the characteristics of any Insurance Policy that may be quoted or have it in force.
– There will be a Human Being available to talk with who can answer all your Questions and Queries.
– A Complete Quotation will be sent detailing the information on which it is based, the coverage it provides and the Applicable Rates and Charges.
– The policy will be tailored to your needs instead of a standard product provided by comparison websites.
