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Insurance price comparison sites could contain errors

May 26, 2008 by admin  
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According to officials from the Financial Services Authority some insurance based websites that allow consumers to run price comparisons on insurance products could contain certain errors, such as outdated information or incorrect data. Over recent years an increasing number of consumers have started to use these price comparison websites to find all sorts of insurance cover, such as home, car, and , in order to try and find the most competitive deal.

Whilst some of these websites have been accused of out of date or incorrect information, there are others that the FSA states are clear, easy to use, and up to date. Seventeen insurance price comparison websites were reviewed by the FSA, with officials aiming to review and test the information to check on its accuracy.

According to reports 25% of all motor insurance policies were set up via these price comparison sites, reflecting the growing popularity of them.

An FSA official stated: “We welcome innovation and competition in the rapidly expanding insurance comparison website market. However, we are keen that the market develops in a way that ensures customers are treated fairly, and expect comparison sites to provide information that is clear, fair and not misleading.”

He added: “We recognise that many consumers use these websites to search for insurance products. Consumers should shop around for the best deal, but it is important that they compare what is covered by a policy and not just focus on the price.”

The British Insurance Brokers Association said: “This is a great start, but the FSA must go further. Like brokers, comparison sites should guarantee their quotes. We are pleased that the FSA is calling for comparison sites to give more information to consumers.”

Tags: accuracy, whilst, Technology Internet, pet insurance, home car, insurance comparison website, motor insurance policies

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