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Newsleaks Compare the policy – not the fee SNIPEF insurance brokers, Clark Thomson warn against the use of comparison websites for selecting policies COMPARISON SITES are everywhere and now play a key role in the sale of insurance. However, it is important to approach these sites with caution as the cheapest cover may not always be the right one for you. The Financial Conduct Authority (FCA) released a report of their review of price comparison websites.* The report concluded that price comparison websites were leaving customers focusing on price and brand, rather than policy terms. It is important to remember that not all policy options may be available on comparison websites and by simply going for the cheapest policy, you may find yourself short of cover when you need it most. Many comparison websites use a blanket approach to get as many quotes out as possible. This means they sometimes make assumptions about your personal details and your requirements. This may sound harmless but making assumptions could have a drastic knock-on effect to your premiums or to the level of cover you receive. Despite their drawbacks, insurance comparison sites can be an efficient tool for obtaining insurance at a competitive price. However just remember the following: • Not all comparison sites compare the same providers and policies. Check which compare the most companies and which ones keep your personal details private. • Many insurers are fighting back against comparison websites and are offering similar levels of cover at competitive SNIPEF yearbook_Layout 1 14/03/2017 16:09 Page 1 terms through brokers. This also gives you the opportunity to discuss the level of cover with a specialist on a one to one basis, to ensure you are getting the correct cover. As SNIPEF’s appointed Insurance Advisors, Clark Thomson is able to provide an expert overview of any member’s insurance requirements utilising only a panel of blue chip and specialist insurers for the industry. Clark Thomson Insurance Brokers Ltd is authorised and regulated by the Financial Conduct Authority. Contact us now www.clarkthomson.co.uk • * Financial Conduct Authority, TR14/11 – Price comparison websites in the general insurance sector. A complete registration service for heating technicians OFTEC competent person registration provides a range of benefits: • Free technical support via phone, fax or email and regular updates • Free listing on OFTEC’s popular online ‘find a technician’ search facility • Free marketing material to help you win more customers • Low cost business insurance, discounted website design and fuel card service • Discounts on equipment and publications from our OFTEC Direct shop. Visit www.joinoftec.com or contact our registration team today: T: 01473 626 298 E: registration@oftec.org W: joinoftec.com 6 222944-3-17 PH Oftec display ad.indd 1 15/Spring 03/2017 2017 12:44


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