Insurance Brokers Vs Price Comparison Websites
When it comes to buying your insurance these days you are spoiled for choice and there are certain questions to ask yourself before settling down and making a decision as to which path is best for you and we have tried to answer some of the top questions. 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 you need to answer, and once it has received an answer 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. . running 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 out of your premium.
A Broker is very different as you can speak directly to a Broker and you will get a personal touch with them and they will not read a list of questions which they hope will be enough for everyone but rather treat you as an individual and personalize you. policy for you. Also, as you are dealing with a professional broker, you will know the markets you trade in and should approach various firms on your behalf to get you the most competitive offer available.
Can the policy coverage be checked 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 it’s hard to see the full level of coverage. coverage and after full investigation of these websites FCA found the top 5 issues as follows:
– The Coverage Levels and Excesses of the Policy were not sufficiently clear.
– The Exclusions and any Limitations of the Policy were not clear enough.
– The Fees charged for Cancellations and Adjustments were not displayed.
– 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 his job correctly, after you have requested a quote and provided all the information the broker will ask for, he will go check the markets and get the right insurance policy for you. Then (before you make any purchases) they should send you full details of the insurance policy they are recommending, 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 showing up on a price comparison website.
Price Comparison Website Conclusion
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 satisfied with each answer given.
– Cheapest does not mean best, check all quotes given for things such as Deductibles and Charges as just because it is the cheapest policy to buy does not mean it will be the cheapest in all respects.
– If you are looking for a complex insurance policy, these sites are not for you as they only offer standard products, which means that anything non-standard does not fit on these sites and you will not be able to ask for any advice if they are not sure.
– 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 have some drawbacks, such as that they are generally only open from 9 am to 5 pm. 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 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 rather than a standard product provided by comparison websites.