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In many countries, there are aggregator sites on the internet that allow the busy person to seek out insurance quotes from a variety of different insurance carriers—all from the same site. The UK has led the trend with popular sites such as comparethemarket.com and confused.com, which provide a massive amount of quotes each day.
The idea behind aggregation sites was to keep people from spending an endless amount of time shopping for the best deal in insurance and other important financial “deals” such as Mortgage Rates.
Generally, you need only to provide a small amount of data about your car, your health or your pets in order to get car insurance, health insurance or pet health insurance. Auto rental agencies are represented as well.
The good news is that you only need to put in your personal information once and a quote is given. You then need to click through to an insurance company to complete the process. In a sense an aggregator site is a search engine for insurance companies, car rental places, banks and airfare companies. Like any search engine, these sites search out the best deals for you so you can click on those sites and get your insurance or travel plans organized. Most of these sites claim to have all the most common insurers available for comparison. It’s basically a time-saving way of getting a variety of insurance and other needs met.
Whilst it may be saving you time, the real question is whether or not they save you money. Some have claimed that certain aggregators underestimate your quote so that when you get to the actual insurance site or call the insurance company with your quote number, you don’t get the same as the aggregator site. Others claim that too little information is asked for, so that a good quote cannot possibly be given on the basis of the information you have provided. Therefore once the insurer does get all your details, there is a possibility that you might end up paying more money than you had anticipated. Some
Aggregation sites get paid per click so that they benefit from your having to click through several times in order to get the lowest insurance rate. Many of the big Aggregation sites get paid “per conversion.” That means that they will get paid a commission or “finders fee” from the Insurance company that you choose to sign up with.
Nevertheless, you probably wouldn’t pay more for insurance through an aggregator site than you would through giving all your personal information at different insurance sites. Rather the quote you receive through an aggregator isn’t likely to be as accurate as you would like it to be.
In some countries, the bigger insurance companies have halted the growth of aggregator sites. They do this by not joining up with any aggregators. This ensures that even if an aggregator site does provide many quotes, they are still not providing quotes from some of the biggest insurance companies. This in turn pushes the consumer to get individual quotes from these insurers, meaning that the aggregator site becomes ineffectual to a certain extent. This doesn’t necessarily mean that the bigger insurance company’s quotes will be more expensive; rather that possibly they would like to continue doing business in the same “traditional” way that they have done in the past.
Another thing to be wary of is that the aggregator site is not comparing many different brands of the same insurance company. All this would mean is that you were not getting a “true” comparison.
In many countries, there has been an increased trend towards having internet aggregator sites for a many different products, from travel deals, auto rental deals and insurance.
You can easily compare quotes using this insurance option. It will give you information on the quotes from many different insurance companies and you can click through to the site that interests you and complete the transaction. As you might expect, aggregator sites do not sell the insurance directly but instead direct you to where you can find the insurance or travel tickets.