Are price comparison sites savings what they seem?

February 21, 2014 3:07 pm Published by

Tread with care when using price comparison sites to switch to a better deal on everything from energy to savings accounts.

When getting a quote for an insurance policy some sites make assumptions about your situation, warns consumer group Which? These may be appropriate to your needs, but pay careful attention in case they do not apply to you.

A spokesman says: “If your home has a thatched roof or if you live on a flood plain, you may have to provide the website with this specific information – and if you forget, or can’t find a way to do so, you could be at risk of buying a policy that, if the worst happened, means you may not be able to claim.”

Consumers should be on their guard with all comparison sites. “They are useful but need to be used with caution,” she says.

Meanwhile the City regulator, the Financial Conduct Authority (FCA), promises: “We will review the risks that price comparison websites present and whether they comply with regulatory requirements.”

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