Truth be told, everyone loves to feel like they are getting a bargain, so it only stands to reason that comparison sites are gaining traction. Comparison sites can return numerous quotes after entering your risk information once. This method will always win over consumers because it is viewed as both cost and time efficient, but lacks certainly around what coverage the policy provides for the premium charged. Low cost generally means low coverage however, consumers are unable to differentiate between covers unless they take the time to read the policy wording. This ultimately defeats the purpose of using a comparison site in the first place if consumers are required to manually compare policies by reading the wordings. Sure comparison sites provide basic details around scope and sub limits but the focal point of an insurance policy, exclusions, are non-existent on comparison sites. Below are 5 pitfalls of comparison sites to consider; 1️⃣ Risk Exposure does not Remain Static Comparison sites quote a risk based on information entered on that day. A consumers risk exposure will change over time and will therefore require adjustments. Insurance policies should not be advertised as ‘set and forget’ items. 2️⃣ No Continuity of Cover Insurers’ take into account the length of time they have held a client account when calculating premiums. This can effectively produce long term savings as opposed to short term savings via yearly comparisons. 3️⃣ Quoting Like for Like While it is prudent to assess and obtain comparative quotes for Insurance, the importance of quoting ‘like for like’ needs to be clearly communicated. No two Insurance policies are alike, just like no two consumer risks are alike. Variables differentiate everything. 4️⃣ Keeping Track of Cover Consumers in the habit of utilising comparison sites yearly will require a good system to track their cover and their Insurer. Often consumers opt for pay by the month premiums which are normally collected in 12 monthly instalments. When a consumer chooses not to renew, instead use a comparison site to find a cheaper premium they can in fact cost themselves two monthly instalments at the expiry and onset of both policies. 5️⃣ Duty of Disclosure Consumers often neglect to share all past claims experience when utilising comparison sites. The pretence being, consumers do not feel as obligated to be honest when sharing their personal information with numerous Insurers’ as they can not identify one source of responsibility. The implications of not complying with Duty of Disclosure should be clearly addressed on comparison sites.