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ABI good practice guide is resulting in a better deal for consumers buying insurance online

   
ABI good practice guidance launched at the beginning of the year is making it easier and clearer for consumers to compare and buy general insurance products, such as motor and household insurance, online the ABI said today.  

The voluntary guidance has now been adopted by price comparison websites representing 80% of the insurance price comparison website market. It is also relevant to insurers and intermediaries offering insurance online.

It has been developed by the ABI, leading insurance comparison websites, The British Insurance Brokers Association and Which? 

The first review of the implementation of the guidance highlights that all participating comparison websites are now:  

- Clearly displaying the total excess payable, and explaining the difference between any voluntary and compulsory excess. 
- Highlighting any additional add-ons that are part of the premium quoted to the customer.
- Making customers fully aware of the consequences of knowingly entering inaccurate information. 
- Informing customers how long their quotes are valid for and allowing them to review their information before they buy a policy.   

Nick Starling, the ABI's Director of General Insurance and Health, said:  

"This guidance is helping millions of customers buying general insurance get the best policy for their needs before they click to buy. Over two-thirds of customers use the internet to arrange their motor insurance alone, and the speed and convenience of going online must be balanced by ensuring that people understand the terms and conditions of the policies they are comparing.  

"We are working with participating comparison websites, insurers and intermediaries on areas where further improvements can be made, to ensure that the customer gets the best possible experience when arranging insurance online."  

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Last updated 01/07/2016