You have many choices when it comes buying insurance these days. There are several questions that you should ask yourself before making a decision and settling down. Below are our answers to some of the most common queries.
What’s the difference between a broker and a price comparison website?
Price Comparison Websites will have a list of questions you need to answer. After receiving the answers, the website will check several Insurers and return multiple quotes from different Insurance Companies. It will then pay a portion of the commission to the website’s administrators. Your price could go up because you are actually having to pay multiple people your premium.
There are many differences between a Broker and a broker. A Broker can be contacted directly by you and you will have a personal touch. A Professional Broker will be familiar with the markets they work with and should be contacting multiple companies for you to obtain the best deal.
You can check the coverage of your policy on Price Comparison websites.
One problem with Price Comparison Websites is the fact that many people have complained about certain levels of coverage not being included in policies sold through them. It can be difficult to see the entire level of coverage. After an extensive investigation by the FCA into these websites, the FCA found the following five main problems:
– The Policy’s Levels of Coverage and Excess were not clearly defined.
– The Exclusions or Limitations of the Policy weren’t clear enough.
– The fees for cancellations and adjustments were not shown.
– They did no have a clear Statement on Needs and Demands.
– Personal Data collected was used by companies and others to market their products and services. There was no way to opt out.
What are the benefits to using a Broker?
If a broker is performing their job correctly, then once you have received a quotation and all the information the Broker will need from you, then they will go off to check the markets and find the best Insurance Policy for your needs. Before any purchase is made, they should send you all details about the Insurance Policy that they recommend to you. This includes the policy wording as well as a breakdown of all fees and charges. You will then be able to check the details of all five items that are not listed on Price Comparison websites.
Website Price Comparison
They are still very useful and can provide you with some excellent quotes and insurance policies.
– You should check multiple Price Comparison Websites as not all Insurance Companies will provide a quote. Therefore, it is worth checking several websites to obtain more quotes.
You should always check the pre-filled boxes on the websites. These are presuming your answer.
Cheap does not always mean the best. Make sure to compare all quotes for Excesses or Fees. Just because a policy is cheap does not necessarily mean that it will be the most affordable.
These sites don’t offer complex Insurance policies. Instead, they only offer Standard Products. This means that anything other than Standard will not be available on these sites. You won’t have the ability to get any advice if you aren’t sure.
– You can obtain quotes and buy insurance policies anytime of day or night. It may be easier than dealing with a broker.
Conclusion: Insurance brokers
There are some disadvantages to Insurance Brokers, such as the fact that they are usually closed from 9am to 5pm. This could cause problems if you try to get your insurance outside of these hours. However, there are many reasons why I would recommend a Broker over a Price Comparison website.
It’s easier to get the details of any Insurance Policy you might be quoted for, or that you have in force.
– A Human Being will be available to answer your questions and queries.
– A full quotation will be sent out which will provide details about the information it is based on, the coverage provided and the applicable fees and charges.
– The Policy will be tailored to meet your needs and not a standard product that is offered by the Comparison Websites.