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We shop around for gadgets but not insurance

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The Financial Services Authority (FSA) has found that almost 70% of people shop around to get the best deals on new gadgets, but only 43% of us bother to, say, compare car insurance before we purchase a policy.

Over two-thirds (69%) of those surveyed said that they hated shopping for insurance and would not enjoy to compare travel insurance, for example, when set against comparing new TVs or audio or mobile phones.

More worryingly, over half of the respondents (52%) claimed they found it too complicated to compare insurance products at all

In order to combat this lack of knowledge, the FSA has published a checklist of simple questions to help consumers compare insurance and make the best purchases for their needs.

The first asks consumers if they are covered already, as 49% of those questioned in the survey admitted that they did not know exactly what insurance cover they had.

There is also the widespread misapprehension that it is compulsory to buy insurance with particular products – for example, travel insurance from travel agents when you book a holiday with them.

The FSA points out that it is much better for consumers to compare travel insurance than just buy from an agent for the sake of convenience.


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