The truth behind aggregator & comparison websites

Price comparison websites

Thinking of buying your home insurance on a price comparison website? It will cost you more in the
long term.

Protect your credit rating

Some websites run full credit checks on a person even if they have only requested a price quote.
This could result in a high number of credit checks against that person’s name, which may make
them appear as a ‘higher risk’ or that they are desperate to get credit. This can have a detrimental
effect on their credit score with a lender.

Basic cover

The price you are first shown on a price comparison website may not always be what you end up
paying. There are concerns that aggregator websites are providing quotes for the most basic cover to ensure that a company appears at the very top of the results page. However, once you go through
and add in all of the extras to get the cover that you need, you might not actually be saving money.

‘Cheap’ isn’t always best

It’s all in the name. Price comparison websites aim to find home insurance based on the price of
the cover. However, ‘cheap’ insurance can cost more in the long term if you do not have the right
cover in place when making a claim. It is important to check the quality of the cover to ensure you
are protected should the worst happen.

Finding the cover to suit your needs

A website is restrictive in terms of how you can answer questions about your home insurance needs;
it cannot communicate with you to find out your individual requirements. Price comparison websites focus on mass market appeal whereas brokers work individually with you to discuss your home insurance needs in more detail, offering you expert advice along the way. When purchasing home insurance through a broker, you’re not just another number.

Voluntary excesses can be set high

The majority of price comparison websites automatically default to a voluntary excess level. If the
excess is set extremely high, this can result in you paying out a large amount when making a claim.
This may put you o going through with the claim, therefore taking out insurance in the first place
may have been a waste of your time and money. Brokers will work with you to select the
best excess levels to suit your requirements and can explain which options would be best for you.

Not every insurance company is featured on price comparison websites

Although the majority of home insurance providers now have an online presence, not all of these
companies choose to be included on aggregator websites. Therefore you should not rely solely on
using aggregator websites to find the best deal as the best deal may not always be represented.

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