According to a recent report from the Telegraph, approximately three-quarters of people use price comparison websites when searching for financial products and policies, yet only half of these actually take out a product through them, leading to questions surrounding the quality of such products and whether you’re really getting the best deal?
Online comparison sites are said to make buying financial products a transparent and hassle free process, but when it comes to insuring important assets including your home or even your life, choosing the wrong product can lead to quite the opposite. Many individuals ‘shop around’ to find the cheapest deal, selecting the policy that will provide them with the lowest monthly premiums. Financial experts argue that this could be a very dangerous option when selecting insurance cover.
Customers who use popular price comparison websites have this week been warned that they could be at serious risk of purchasing policies that do not suit their needs. The British Insurance Broker’s Association, have argued that some websites are giving customers quotes that do not reflect their individual requirements, and instead focus on the lowest possible price. Experts have warned customers against getting carried away with sourcing a product with the lowest price, and instead have urged them to focus on exactly what they need from a product.
Many people have admitted that they believe price comparison websites only include products that will make the most commission, rather than ones that offered the best deal for the customer. Meanwhile, only 21% of people questioned said they trusted the sites to always find the best price available.
With The Office of Fair Trading having recently branded price comparison websites ‘misleading’ they have studied how people use such sites. Its research showed that 64% of heavy internet users considered the sites to be “poor for some products” with two thirds of respondents saying that they got charged for extra add-ons when they clicked through from the site to the supplier. Perhaps most surprising is that 47% of respondents said the prices they were quoted by the supplier could be different from those quoted by the comparison website.
Before you head to the internet to seek out your financial products/policies, turn to Edward Mellor and take advantage of our experienced and impartial advice. Edward Mellor’s financial arm, Explora Mortgage Solutions, have access to the highest quality products with competitive premiums. With the ability to tailor products to suit the needs of you and your family whilst providing you with an extensive range of cover, put your trust into Edward Mellor.
Manchester based estate agent combining traditional values of honesty & integrity with innovative technology & marketing tools. Edward Mellor have been trading in and around Manchester for over 25 years & are widely regarded as the leading independent estate agent & letting agent in the North West.
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