When looking for buildings & contents insurance, most people's first port of call will usually be one of the major price comparison websites (PCW) for cost and conveniences sake.
Cost and convenience are always important; however many people are not aware using PCW's may mean they are not getting appropriate cover for their needs.
Recently, the Financial Conduct Authority has undertaken a investigation into PCW's to see how they were really serving the consumer, and has concluded that:
In addition to this our own experiences show that many consumers do not realise that self bought products do not give sufficient or even necessary cover, for example:
Seeing an adviser may not even seem like an option when arranging insurance, however if you have any special circumstances, seeing an adviser could mean the difference between a successful claim or losing out because your policy is inappropriate for your needs.
To put your mind at ease please contact either Tony Greenfield or Lisa Skinner on:
tonygreenfield@molyneux-associates.co.uk
lisaskinner@molyneux-associates.co.uk
source: https://www.fca.org.uk/news/price-comparison-websites-failing-to-meet-fca-expectations
Cost and convenience are always important; however many people are not aware using PCW's may mean they are not getting appropriate cover for their needs.
Recently, the Financial Conduct Authority has undertaken a investigation into PCW's to see how they were really serving the consumer, and has concluded that:
- consumers are not being given sufficient, clear and consistent information about features, excesses, exclusions and fees
- consumers were under the impression that the quotes on site were giving them appropriate cover for their needs, rather than simply the cheapest quote.
- Some PCW's were to failing disclose that they may be owned by a larger company,
In addition to this our own experiences show that many consumers do not realise that self bought products do not give sufficient or even necessary cover, for example:
- Many clients we have seen have not realised that the cheapest quotes often do not include cover for accidental damage, and therefore damage to household items will not be covered.
- Incorrect Details about watercourses, trees and past flooding may be inaccurate, and therefore might invalidate any future claims
- Self-employed people working form home, not realising that a claim on their existing household insurance may not pay out for items used by the business as a result.
Seeing an adviser may not even seem like an option when arranging insurance, however if you have any special circumstances, seeing an adviser could mean the difference between a successful claim or losing out because your policy is inappropriate for your needs.
To put your mind at ease please contact either Tony Greenfield or Lisa Skinner on:
tonygreenfield@molyneux-associates.co.uk
lisaskinner@molyneux-associates.co.uk
source: https://www.fca.org.uk/news/price-comparison-websites-failing-to-meet-fca-expectations
