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What actually is a comparison tool, and how does it work?

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If you’re looking for a range of quotes for all manner of things, you will likely have run into comparison tools. They are getting more and more popular, and with good reason. Whether you’re looking for auto insurance near me, medical insurance plans, student insurance, or a host of other quotes, a comparison tool can help.

But what is a comparison tool, and how does it actually work to find those quotes?

The basics of comparison tools

A comparison tool operates on a simple principle. The comparison website partners first with multiple providers of the service they are looking to promote. A customer then makes an application through the comparison tool, and the tool then presents that application to the appropriate partners who provide that service.

The applicant then gets a number of responses in return in the form of quotes for the application they have made, ranging in price. Some comparison tools are completely automated and the quotes can be generated instantly, others actually encourage their partners to individually assess each application to provide the best quote.

From that, the applicant can decide which quote is best for them, their budget, and their needs. They accept the quote and the application is already made with the provider, it’s just a case of providing confirmation of details.

What are the benefits?

So now you know the basics of how comparison tools work, why should you use one? The first benefit is that it makes it much quicker to get a range of quotes. There’s no need to make applications with each provider individually, instead, you just make the one application and they will provide you with a range of quotes in return.

The second is that it makes it much easier to compare and contrast the best deal for you. Whether you are looking for specific coverage or you need something that fits tightly within your budget, you’ll find it.

The best way to learn about how a comparison tool can help you is to use one and see for yourself. If you need an insurance quote, try out Compare Insurance today.

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Car Insurance

3 myths about car insurance debunked

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Car insurance can be a tricky thing to wrap your head around, so we’ve debunked a list of the top three myths about car insurance to save you money.

1. My premium should stay the same or go down if I don’t claim

In a perfect world, this myth would be true, as every year that you fail to claim, you are building a no claims bonus. However, there are a number of external factors to consider that will affect the cost of your insurance. It’s worth noting that most insurance companies have a maximum no claims bonus, so, after a set number of years, you will stop building a discount. Insurers will also consider your age, so once you reach a particular age, your premiums might increase as you will be seen as a higher risk.

2. If a claim wasn’t my fault, I won’t have to pay excess

If you put a claim forward that was not your fault (for example, if a third party collided into you at a traffic stop), then your insurance provider will usually release your excess if you can prove that it was not your fault and they’re able to claim back costs from the third party. However, you will bear the responsibility of paying your excess upfront, even if you are entitled to a refund later on. It is important for you to select a policy that has an excess that you will be able to afford.

3. Young drivers should get insurance under the name of their parents

It’s no surprise that many parents will want to give their children financial help, which may lead them to consider noting themselves as the main driver on their insurance policy or take out insurance in their name to reduce costs. While this might seem like a good idea, registering for insurance in the name of someone else in order to reduce costs is a form of insurance fraud known as ‘fronting’. This is an illegal practice and can lead to thousands of pounds in fines, penalty points and disqualification.

If you’re looking to compare the best auto insurance quotes, take a look at the rest of our site at Compare Insurance today.

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Categories
Car Insurance

4 reasons you should compare auto insurance online

If you have recently purchased a new vehicle, or you need to renew existing car insurance, many people believe the easiest thing to do is renew the policy they currently have or choose to use the first insurance company they come across. While this may seem like the most convenient option, if you choose to compare car insurance online instead, you could save a significant amount financially. Below we explore 4 reasons to compare auto insurance online…

1. Car insurance companies frequently change their rates

You may feel confident that a company you have researched in the past have the best insurance rates. Whilst this might have been true at one point, car insurance providers frequently change their rates. For this reason, you should always compare insurance rates online to check and see which company is offering the best deal.

2. New insurance companies are established all the time

If you haven’t compared insurance policies in over six months, you may be surprised to find multiple new insurance companies offering enticing deals. New insurance companies want to build up their client base quickly and can often offer the best insurance policies for this reason.

3. Your credit report may have improved

If you have consistently been paying a mortgage or loan on time, or have been working on keeping a healthier bank balance, you may have successfully improved your credit report. If you were able to improve your credit report, you may be eligible for a better auto insurance policy. For this reason, it is always better to compare insurance rates than to simple renew an existing policy.

4. Your car may have decreased in value

The moment you leave a dealership with a vehicle it decreases in value. Equally, after a few years of owning and regularly driving a vehicle, it will lower in value. If your vehicle is no longer worth the same amount, you should not be paying the same insurance premium. Comparing deals online ensures you are paying the right insurance for your vehicle.

If you live in the UAE, never drive around uninsured and think you could benefit from comparing auto insurance online, visit Compare Insurance today!