Comparison websites for home insurance are failing to give consumers the whole market, a report has warned.
Market analyst Defaqto said despite what was implied by marketing, no comparison website covered all providers.
The group, which looked at 28 aggregator sites, said only five offered quotes from a large number of intermediaries and direct insurers, namely Confused.com, Comparethemarket, GoCompare, Moneysupermarket and Tesco Compare.
It added very few enabled consumers to compare policies on anything other than price, making it difficult for people to shop around using different criteria.
The group warned some sites made assumptions about underwriting factors to obtain quotes from insurers and intermediaries, such as the number of days a property was empty, which could leave people uninsured if they did not check quotes carefully.
Mike Powell, general insurance consultant at Defaqto, said: “The home insurance aggregation market is nowhere near as developed as the car insurance market. For the consumer, it appears there are a number of sites, but our research has left us with the opinion there are only five true aggregator sites. The remainder predominately provide quotations from intermediary panels, which could easily be obtained from a local broker.
“Consumers who choose to use these sites should be careful to check what they are being covered for and in particular, should pay close attention to excesses.”
This year City watchdog the Financial Services Authority warned some insurance comparison websites could be misleading because of the way they presented information. The regulator found problems with the sites, including that they were using assumptions to generate quotes and giving inaccurate policy information.