Never Compare Insurance Based On Price Alone

Insurance comparison websites simplify the insurance buying process and most people now buy insurance through these sites. Once you know the kind of coverage you need, write some details on any of these sites and immediately gain access to several insurance companies with the cheapest quote shown in a few seconds.

While the process of buying insurance, especially car and home insurance appear simplified, the same can not be said for products.

The insured enters into a contract each time he / she buys an insurance policy and as any contract must be carefully examined to determine its suitability for the buyer.

The frequency of advertising in the print and electronic media by the owners of these sites stifles the complaints and the murmur of people who may have had a claim rejected because they based their insurance purchase decision on the price (premium) per se alone.

As a way to illustrate how the use of price only to select an appropriate insurance policy could be problematic, let’s look at how the price of a hamburger is determined.

£ 0.99 could look for a hamburger at a McDonald’s restaurant but that same store will also have a burger made with a similar sized bun for £ 5.99. The difference in the price of the two hamburgers is the topping.

While the cheapest burger can only contain meat, the most expensive offer will probably have better quality meat, possibly bacon plus lettuce, onion, mayonnaise, mushrooms and pickles.

The £ 0.99 hamburger (call this the bare bones burger) may appeal to some, but may not necessarily be what others want.

The burger £ 5.99 (burger ROBUST) although more expensive may be what the other person needs to satisfy their appetite and is willing to pay the supplement to meet their needs provided he is aware of the extras they add to make This other expensive burger.

Bare-bones vs Comprehensive policies

Like the previous example, insurance policies can also be said to bare bones or ROBUST / sympathetic. However, it is not always easy for all insurance buyers to tell the difference between bare-bones policy and the integral, especially when presented in abbreviated versions with the cheapest ranked first.

The risks covered by insurance company ‘A’ could be sold as a complement to company ‘B’.

The premium quoted by ‘A’ may therefore appear to be higher than ‘B’ because the standard ‘B’ policy offers bare coverage. If you then opt for this policy because of the cheaper price without realizing that some of the risks you need are not included, this could lead to a dispute when you report a loss or claim.

Possible Conflict of Interest

Some of the comparison websites are wholly or partly owned by insurance companies and therefore, a conflict of interest may arise. Therefore, the results of the quoted premiums could be biased in favor of the parent company or the associated companies.

The operators of these sites can also be influenced by the high commission rates resulting in the sites promoting certain brands.

Some insurers are not included

As at a time of writing, some of the largest insurance companies in Britain notably Aviva and the direct line are not listed on comparison websites so it is possible that improved terms could be obtained from companies not listed .

Finally, it is noteworthy that these comparison sites only serve as an intermediary, linking the prospective buyer to insurance companies. They only present premiums generated using algorithms provided by insurers and then direct a buyer to the website of the insurer with the chosen quote. In the event that a dispute arises, traceable to a misunderstanding at the point of the appointment, these companies are unlikely to take responsibility.

Ikenna is a licensed insurance professional in London with more than two decades of experience in insurance operations. He has sold insurance policies in the past, and on other occasions has been involved in drafting / writing insurance contracts as well as assisting clients through the insurance claims process.

Interior Modern Doors Miami Looking for the highest quality Peruvian Mahogany doors, mouldings and flooring in Miami? We carry all types of doors including front, entry, hurricane impact, interior and entry doors.

GPS Gamma Surveys New Order Environmental Services LLC helps in radiological decontamination and decommissioning. We are dedicated in providing safety and quality standards.

Water Testing Lab in Jaipur We at Jagdamba lab, provide complete testing services under one roof i.e. testing of water, metals, oil & fats, soil, stones & food items. We undertake Third Party Inspection for Quality and Quantity besides Shipment Inspection.

Seasonal Rentals by Owner – You can list your house or condominium as Seasonal Rentals by Owner and advertise your property for travelers and tourist.

FRP Custom Fiber Sheet Manufacture India – Private security guard in JaipurCloud 9 Living New York Jeanne D’Arc Lowell Credit UnionPre Settlement Cash Advance – You can seek Pre Settlement Cash Advance in various situations and cases like – motor vehicle accident, slip and fall case, surgery and more.

Gi Doc Red Bluff Dr. Singh is the leading provider of Endoscopy and Gastroenterolgy in Redding. Get the best Gastroenterologist Redding Service by Dr. Paramvir Singh who has more than 15 years of experience in the field of gastroenterology and hepatology.

Permanent eyeliner Victoria A boutique studio specializing in microblading, cosmetic tattoo and eyelash extensions located on upper Fort Street in beautiful Victoria, BC.
There could be times when a tree at the front of your house could pose a threat of falling and causing injuries. Call Landscaping Sarasota FL for tree removal services.

Car Title Loans Online It’s Amazingly Simple to get Affordable, Low Interest Car Title Loans in Salt Lake City and Ogden. Fast & Friendly. Apply Online. Personal Loans Too!

People suffering from chronic pain conditions, arthritis, and migraines must opt for massage therapy at Asian Massage Sarasota FL today!

Brokers Alliance – Life Insurance Services for Agents.

instant issue life insurance – Life Insurance Services for Agents.

US tax preparation Mississauga and Brampton Tax One Centre being an professional accounting firm located in Mississauga is in the business of providing high value, fast turnaround and maximum refund from Canada Revenue Agency for over 15 years in active business.