In January of this year the Financial Services Authority (FSA) cracked down on 2 aggregator websites (BeatThatQuote and ArgosCompare.co.uk) by closing them down as a preventative measure to customers being misled.
One of the issues raised by the FSA were the concerns that customers thought they were receiving actual quotations rather than illustrative ones.
The FSA had recommended numerous actions to be undertaken by aggregators back in October of last year.
Recently efforts have been made by aggregators to ensure that quotes given are accurate in respect of customer needs rather than price alone.
Misquotes based on incorrect information can easily impact on your cover or at worse may have your claim rejected!
Basil Tsapralis MD at Titan Insurance Services says that when using such aggregator or comparison websites is to make sure you carefully complete all the relevant questions fully and correctly and don’t just go for the cheapest option on your screen. Recheck everything thoroughly even calling the insurance company concerned to verify you have the right cover. A simple mistake on the form can leave you out of pocket big time…
Remember aggregators act as introducers so as long as the policy is sold they make their money. Nor are they there to offer you advice so be careful… be very careful… caveat emptor.