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Home Insurance Quote misleading.
Compare The Market home insurance search quoted AA silver at £285.56. But, when going to the AA provider they say "Just one more question. What is the value of your house?" and the premium jumps to £518.18. MSE have a search category for house value. Is this is an AA/CTM con?
Comments
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Hu? Why you mentioning MSE and CTM? MSE is owned by MoneySupermarket and uses the MSM engine not CTM. MSE has called their version Compare+ but its not CTM
Either way the standard question is rebuild cost not value. A small number ask value as well so it could be you are mixing these up and you previously answered rebuild and were never asked value.
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It won't be a con. It will either be a software issue or a mapping issue. Possibly, no value is being mapped from what is being input on CTM, and that is why the question is being asked.
Whatever the reason, it cannot be a con by definition.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Odd to be asked the value of a house before quoting because that is a large part of what is needed to quote.
Age, building materials and such like.
How did you get a quote without specifying details? Or was it one of those upfront pages to draw you in?
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Rebuild cost is a factor. Value generally isn't.
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Unless its a bedroom rated policy in which case neither are
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My apologies. MSE directed me to MoneySupermarket's question set which includes a question on rebuild cost and another question on house value. They say compare with other search engines so I used compare the marked (CTM) which has a question on rebuild cost but no question on house value. So when I went to the AA provider they wanted this and the price jumped nearly 50%. So my criticism is of the CTM search comparison engine (and possibly the AA for using house value rather than rebuild cost?). Not sure there is another forum elsewhere for this.
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Different insurers ask different questions and if the list of questions gets to long many customers will simply get bored and go elsewhere. So it's not always practical for a comparison site to ask every question demanded by every insurer on its panel, and it's not especially unusual for an insurer to have to ask for further information before giving a definitive quote.
The AA are certainly unusual if they want to know the house value as well as the rebuild cost, so it may well be that CTM have decided to omit that question, and let the very few insurers who want to know the answer give a provisional price based on an assumed house value, then ask the question themselves before giving a definitive quote.
Certainly it's bit annoying if you waste two minutes of your life going to the AA website only to find that the price jumps when you give your actual house value, but it's hardly a con. I mean, you didn't actually end up paying £518 while thinking that you were only going to pay £285, did you?
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I don't think any lay person would have an accurate idea of the rebuilding cost of a property. My current buildings insurance has no limit on that item.
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Your building survey will include it, obviously only helpful for those that moved in the last few years. Its also why many point people to so you can get an idea
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Having lived in this house for nearly 40 years I suspect the survey information may be a wee bit out by now😀
Even information provided just pre-Covid will be miles out due to the massive increase the cost of building materials.
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