Ensuring Consumers Fully Understand the Costs of a Policy

Commenting on yesterday’s BIBA announcement on insurance comparison sites, Peter Dingle, Managing Director of Tescocompare.com says:

"It is not surprising that some consumers are finding it difficult to fully understand the different cover levels on insurance polices offered via some comparison sites. Every single insurance policy will vary in its exact details from other policies and some aggregator sites are not helping consumers to compare policies on a like for like basis."

"We believe that it is the responsibility of comparison sites to ensure that consumers fully understand the costs of a policy and more importantly that they are also aware of the details of how cover levels can vary. And we think it is therefore not enough for a comparison site to simply offer consumers a list of differently priced policies. For that reason we have based our car insurance comparison service, Tescocompare.com, on the principle of allowing consumers to compare over 25 policy features across insurers to ensure they can easily find the right insurance for their individual needs."

"BIBA’s research confirms what our customers have been telling us - they want more help in choosing their insurance. And this means offering a service beyond the usual ’shop around’ tool for insurance premiums. Insurance comparison sites need to ensure that their offering is user-friendly and transparent. We fully support BIBA’s call for comparison sites to implement appropriate actions to improve their services and to help consumers find the best cover level available."

Tescocompare.com further differentiates itself from other car insurance comparison sites by adding no extra cost in the price quoted by its partners. The price quoted will be the same, or cheaper, than if the customer went direct, and the service is free.