Shop around – but at your own peril?

CAR INSURANCE NEWS ROUNDUP: 7 DAYS ENDING 27 NOV 2013:

It’s incredibly important to shop around when it comes to getting the best rates, but apparently not all car insurance comparison sites are created equal.

Or at least that’s what the Financial Conduct Authority says. The FCA feels there’s some serious problems with the insurance comparison marketplace following their plans to review of some 90 per cent of the industry.

The fears of the regulatory body are that these comparison sites are more interested in turning a quick profit than actually being a benefit to their customers. It’s a common complaint for many unfortunately, and there are undoubtedly some sites out there that are less about providing cheap car insurance options to Brits than they are about stuffing their pockets with as much cash as humanly possible, and that’s a very serious problem in the motor car insurance industry at the moment.

Meanwhile there are other things that we as drivers need to worry about right now. In fact, Asda Money just pointed out how the approach of winter can be a serious gauntlet for your car to run, urging drivers to get their batteries checked, consider fitting your vehicle with winter weather tyres, and checking things like your lights and your oil levels.

On top of that though, it was recommended to ensure your insurance policy has cover built in to it that can spell the difference between being stranded somewhere. Sure, you can invest in the RAC or the AA, but these options could be more expensive than simply making sure your existing policy has breakdown cover. Save yourself some cash this winter -it’s going to be expensive enough, believe me.

So here’s the dilemma – we need car insurance comparison sites to get us the best deals, and we need these best deals to include the kind of cover that will keep us and our vehicles safe over the winter. The FCA says that using these sites could be like shooting yourself in the foot when it comes to the possible level of customer service we’re getting, but what’s our alternative? Going from insurer to insurer? That takes bleeding forever! My recommendation? Just be careful when using comparison sites and make sure you read all that fine print. Sure, it takes a bit longer than otherwise but it’s better to not miss anything.

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