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Simon Read: Comparison sites deserve to be investigated

 

Simon Read
Friday 29 November 2013 20:30 GMT
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The City watchdog has launched an investigation into whether people are being duped into buying inappropriate insurance policies by the UK's growing number of price-comparison websites.

Some 14 sites will be investigated to find out whether the way they present information gets consumers the fairest deal.

Comparison sites have been a boon to consumers. They have helped millions get cheaper car and home cover and allowed them to shop around at the touch of a button, rather than having to contact several different insurers themselves.

But there is a major risk. It's this: if you simply choose the cheapest cover you could be inadequately insured. With many cut-price policies coming with several exclusions or high excesses (why else would they be so cheap?) buying them can prove to be a costly mistake if a claim is later turned down.

Any insurance you buy should be based on what you need, not what you're flogged. As for comparison sites? It's time they came with a large wealth warning.

s.read@independent.co.uk

Twitter: @simonnread

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