FINANCE The hidden cost of comparison sites


There are now more than 50 price comparison sites clamouring for the attention of the consumer, promising different yet equally attractive concessions. But how truthful are these assurances of ‘cheapest’ insurance? Operations Director at Nottingham-based independent insurance broker Russell Scanlan Andy Jenkins (pictured) delves into the world of comparison sites.


The rise of the price comparison site has been a steady but increasingly comedic one, with meerkats and opera singers now simplifying what many people find an arduous and complicated task. Gone are the days when you had


to trawl the internet yourself for the ‘best’ price for home, car or holiday insurance across a broad range of different providers – the automated search engines now complete that job in mere seconds with just the click of your mouse. Or so we assume. And therein lies the itch. Speed


is a luxury, but at what cost? With so much choice in the market, from the big well-known comparison sites to new ones, where should a consumer look first and which sites should they always trust?


A recent Channel


4 probe into the industry of online insurance comparison sites has tested the process - and concerningly discovered that those looking for motor insurance without the help of brokers could end up paying more, because charges vary depending on where the consumer looks. The programme found identical policies could actually spell a £300 difference. This variation in cost is because


every car insurance company, for example, is negotiating a different deal with each of the comparison sites. The same is true for flight operators, home insurers and hotels.


In effect, the only way a


consumer can be certain they’ve got the ‘best’ deal using


price comparison sites is to


compare the cost on all the price comparison sites – which seems to defeat the point. Short of a comparison website


for comparison websites being launched, we would recommend that time-poor Brits speak to their local broker first and foremost. We can’t pretend this won’t take


a little longer than using an online comparison site – independent brokers get to know customers and


find the best possible package to suit their needs – but it will result in the most competitively priced policy. In addition, the risk of


accidentally entering incorrect information when applying for insurance online – or the temptation to lie about, for example, your driving history – is all the greater when not interacting with a human. It’s important to take time to ask


the right questions and offer support with answering the questions in a policy application. This negates the risk of incorrectly filling out a policy online and any issues that may arise when you need it.


Cliff College provides education and training with a particular focus on mission and evangelism. The College is situated on the outskirts of the village of Calver in the Peak District National Park.


Historically, Cliff was a Methodist Lay Training college. Today our student body is both lay and ordained and from a range of denominational backgrounds.


A conference centre is also situated in the grounds of the College.


We are experienced in accommodating groups of varying sizes and with differing needs and we would welcome the opportunity to discuss with you all that we can offer in order to make your conference a success.


Friendly and professional staff are ready to help you from your initial enquiry through to the end of your conference. We look forward to welcoming you to our facilities. We can host both residential and day conferences in our glorious surroundings.


To discuss your requirements please call: 01246 584200 or 01246 584205


Email: conferences@cliffcollege.ac.uk


For further details visit: www.cliffcollege.ac.uk/conferences/home/


business network February 2018 65


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