Using price comparison websites is a smart way to compare the financial products you have with the newer, better deals that might be out there. What’s more, they can make the process simple and easy.
Always use Price Comparison websites very carefully to ensure you get the right deals. Now, here are some important Tips that you should follow while using a Price Comparison website
Don’t use just one price comparison site:
As most people are aware, price comparison sites can’t claim to cover the whole market for the very best financial products in every category. For this reason, it makes sense to use several price comparison sites before choosing which product to take out.
It’s also worth remembering that some financial product providers choose not to be featured on price comparison sites.
To compare products from companies that don’t subscribe to comparison sites, you’ll have to get quotes from them individually – although this shouldn’t take more than a few minutes per firm and could be well worth the effort.
Although it takes a little more time to use several comparison sites and look at what the companies have to offer, this is the best way to make sure you don’t lose out on the best deal.
Beware assumptions that could invalidate your insurance.
Some price comparison websites will make assumptions about your circumstances when you visit them for a quote. In many cases these may be appropriate to your needs – but be careful to keep an eye on them, as some people will find the ‘standard’ situations used by comparison sites when serving up quotations do not apply to them.
If you’ve used a price comparison website and aren’t completely confident that the deals it has presented you, are right for your circumstances, phone the product provider directly to be sure.
Make sure the right boxes are ticked
Pre-ticked boxes often feature on price comparison websites – and ignoring them, or failing to amend what has been pre-selected for you, could have serious consequences.
It isn’t unusual, for example, for a price comparison website to assume that you do not have a criminal record and pre-tick a box stating that you have no convictions – but if you have been convicted of an offence in the past and don’t untick the box yourself, you could be left with an insurance policy that won’t pay out when you need it to.
Likewise, some price comparison websites pre-tick boxes agreeing that customers will pay for financial products such as car insurance either annually (in one lump sum) or monthly (usually by direct debit).
Paying for insurance monthly is often the most expensive option, so you may want to avoid this if you can – but equally, not everyone will be able to afford to pay their entire insurance premium up-front, so be sure to check whether the site you are using has pre-selected either option, and to choose the one that suits you.
Consider quality as well as cost.
Finally, it’s worth remembering that price comparison websites are set up to find customers the cheapest possible deals when it comes to products like car and home insurance – and this may mean you don’t get the level of cover you would expect, or benefit from the standard of customer service you would like.
Quality is as important a cost, so it makes sense to focus on getting value for your money – not the very cheapest deals – when you buy financial products. Remember that low-cost insurance policies, for instance, are unlikely to include perks such as the provision of a replacement hire car should your vehicle be damaged in an accident. In a tight spot, you might appreciate benefits like this even if they cost a little more.
Many experts have assessed car and home insurance policies based on the quality of the cover on offer as well as how much they will set you back, and have come up with a list of recommended providers of each.