Using Insurance Comparison Sites Well

BUSINESS · GLOBAL

Using Insurance Comparison Sites Well

How comparison works, what is not shown, reading the excess and honest disclosure. Not advice

Comparison sites make insurance shopping quick and show you a narrower picture than they appear to. Knowing the limits makes them considerably more useful. This is general information rather than financial advice.

Not every insurer appears

Some insurers sell only direct and do not appear on any comparison site. Running a comparison and then checking two or three direct-only insurers is how people find the actual best price.

Different comparison sites also show different panels, so one alone is not a full market view.

Cheapest is not comparable

The top result is frequently cheap because of a high excess, a low claim limit, restricted cover or add-ons stripped out. Two policies at very different prices are frequently not covering the same things.

Compare the excess, the policy limits, the exclusions and what is optional rather than the headline premium.

Excess

Policies show a compulsory excess and a voluntary one, and the total is what you pay on a claim. Raising the voluntary excess lowers the premium and increases what a small claim costs you.

Answer every question accurately

Non-disclosure is the most common reason claims are refused. Declare modifications, previous claims, medical conditions, convictions and who else drives or lives in the property, even where it raises the price.

Guessing a figure such as annual mileage and getting it badly wrong can invalidate cover.

Auto-renewal

Renewal quotes are frequently higher than new-customer prices. Diarise the renewal date, shop around a few weeks before and be prepared to switch or to negotiate.

Reviewing cover annually

Circumstances change — a new job, a different car, a renovation, a medical condition — and cover that suited last year may not now. Tell your insurer about material changes rather than waiting for renewal.

Under-insuring a property or its contents is common and leads to reduced payouts on any claim, not just large ones.

Making a claim

Report promptly, keep receipts and photographs, and read the notification deadlines, which are frequently short.

Where comparison works less well

Complex needs — a listed building, a high-value collection, a pre-existing medical condition, a business use — are where comparison sites struggle and a broker earns their fee.

Travel insurance with declared medical conditions in particular is worth arranging through a specialist.

Reading the policy

Read the exclusions before the cover, since that is where the answer usually is. Ask for the full policy wording rather than the summary document.

Cashback and incentives

Count these only when they actually arrive, and check the conditions attached. Choosing a worse policy for a voucher is a poor trade.

For anything complex, a broker is worth the fee.

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