29/10/2019
When you use a price comparison website, you get quick access to lots of quotes. But not many of us realise that we're paying around £650 million a year in commission for the privilege, that may cost you a fortune...
💥 1 - Consumers usually think they paid between 5% and 10% in commission when buying through a comparison website - in reality, the average commission is 24%.
💥 2 - Price comparison sites give you the impression that they scour the whole market to find you the cheapest 'best buy' products. But that often isn't the case.
Not all companies are on price comparison websites, meaning you could be missing out on a quote from one of the more reliable companies or even the market-leaders in a particular type of insurance.
💥 3 - Some price comparison websites can make huge mistakes when judging how old or large a property is, casting doubt on their accuracy.
For example, Moneysupermarket decided Buckingham Palace, built in 1703 with 755 rooms, is a bungalow built in 2000. Confused.com estimated that a 16th century Kent manor house was built in the 1970s. 😆
Read more about how buying insurance on price comparison websites could invalidate your claim...
Customers buying home insurance through price comparison websites may have their claims rejected by insurers through no fault of their own.
