Money Supermarket holiday insurance and Confused.com travel insurance Criticised in FSA Report

A new report published by the Financial Services Authority (FSA) has criticised (some) insurance comparison websites stating that, although the sites were properly authorised, there was “mixed evidence in the clarity, fairness and accuracy of information given to customers“. Amongst their concerns:

• Compulsory excess levels were excluded from the price, or incorrect
• Warnings were issued to consumers to consider other factors than price, but with little follow-up information
• Only a limited number of product features, such as price, were listed for customers
• Quotes differed from the amount actually charged by a broker or insurer

I know that motor insurance and travel insurance have very different premiums attached and a motor quote is more involved than a travel quote - surely that’s the whole point of the websites… would anyone use them if they knew the price wasn’t 100% accurate?

I personally hate these sites because of the crazy commission they want. I minimum transaction commission at Confused.com is £5 - that doesn’t make sense when the premiums can be as low as £5! Money Supermarket wanted 25% of the transaction value - that is more that I get!

If anyone reading has any experience of failures by the price comparison sites, please do let us know!