Business programme
Start-Up, Scale-Up by Lloyds Bank Academy
Compare insurance for better value
Know what you need to look at when choosing insurance that meets your needs.
Introduction to 'Compare insurance for better value'
Insurance is important and can protect you and your loved ones, now and in the future. Our Introduction to insurance lesson explores the different types and how they work.
But with so many types of insurance and providers, it can be hard to narrow down your options.
Comparison sites are one option you can use to help. Using these along with your own research can help make sure you get the right product for your needs, at the right price.
In this lesson, we’ll show you how to use these sites.
What you'll learn
- What to think about before you compare insurance products.
- How to find and use a comparison site for insurance.
- How these sites work with other options when you’re looking for the best deal.
How long it takes
8 minutes
Prepare to compare
Chapter 1
How long it takes
3 minutes
Work out your needs
Before you start comparing insurance, decide what you need.
Insurance is protection. If you don’t protect yourself enough, you can leave you and your loved ones more open to risk. Equally, it costs to protect, so buying too much protection can cost you more than you need to pay.
Think of it like buying a coat:
Consider what you'll need it for
A jacket for your daily commute in the city is different to when you’re spending hours outside on the coast.
Similarly, car insurance for local trips and occasional days out is different from when you use your car for business.
Decide what level of protection you need
A light jacket might be fine for drizzle but not for snow.
In the same way, basic holiday insurance might suit a week by the pool, while a skiing trip calls for extra cover.
Check the fit and features
Does it keep you warm where it matters? Are there zips, a hood or pockets you’ll actually use?
It’s the same for insurance – look at what’s covered, what isn’t and what you’ll need to pay extra for.
Balance comfort and price
The most expensive coat isn’t always right, but the cheapest one might leave you cold. Good insurance is about value, not just cost.
Focus on what meets your needs. Then ask: what extras do you get for the pricier options? Will you make the most of them?
This is what you’re doing when you compare insurance products. The details of the products and protection will vary depending on the type of insurance. So, do your research first, to make sure you get the right cover.
Ask yourself what kind of protection you want in place. Not all the things you would like may be possible. Having these in mind as you search mean you can begin to narrow down your options.
A few examples:
Pet insurance
Will you want a certain amount of cover for each illness or injury, or lifetime cover that resets every year?
Home contents insurance
You’ll need to estimate the value to replace your possessions.
Travel insurance
Do you need cover for a single trip or multiple trips in a year?
How insurance excess can change the cost
Some insurance policies come with an ‘excess’. That’s the amount of money you’ll need to pay if you make a claim.
For example, say you have home contents insurance with a £200 excess. If you make a claim for £800 and it’s successful, you’ll pay £200 and the insurance will pay £600.
The cost of the policy may be different, depending on how much excess you choose to include. In general, the higher the excess, the lower the policy costs. So think about what you can afford – not just the regular payments for the policy but also the excess that you’ll need to pay if you claim.
Make some notes
When you start comparing products, you’ll be asked some questions. So it’s good to check you have all the information you need, before you get started. This will help when you start to compare similar products.
If you already have existing cover:
- Speak to your current provider – Find out what their best price is to renew your cover.
- Prepare your list of needs – Use your current cover details as a starting point. Is there anything there that you don’t need or extras that it doesn’t cover?
If you don't have existing cover:
- Write you list of needs – Think about what you want to cover, plus any extra features you need.
- Think about costs, too – How much (and how often) do you want to pay for the cover? How much excess are you prepared to pay?
Using comparison sites
Chapter 2
How long it takes
3 minutes
How comparison sites can help
Comparison sites are just one part of your insurance search. They won’t be right for everyone and every kind of product. It’s good to do your own research and look at insurance company websites, too.
But these sites can be a helpful place to start your search. They allow you to match your needs to many potential products from different providers. This means you can compare lots of options all in one place.
Three things to be aware of:
Not all insurance types are available on comparison sites
Like specialised car insurance or complex income protection insurance.
You may need specialist cover that's not available to compare
For example, if you have certain pre-existing health conditions.
Some insurers don't put their products onto comparison sites
They prefer you to contact them directly.
Picking a comparison site
This can be a very personal choice. Some sites offer discounts or rewards to encourage you to use them.
Do your research and make sure the site fits your needs and is well trusted. You can check this using online reviews.
Some well-known sites include:
- Confused.com
- MoneySuperMarket
- Compare the Market
- GoCompare
- MoneySavingExpert’s Compare+ (car insurance only)
Remember
Not all insurance companies and products appear on these sites. Plus, you may be able to get a better deal by going direct. This can be useful when searching for the right product for you.
So do think about using both. Look at reviews and compare all your options.
Use a comparison site
Once you’ve picked a site you like, here’s how to use it:
As you start looking through, check each product against your needs. Compare the price of the cover and make sure it’s not out of your range. Remember that the cheapest policy might not be the best for you.
Be aware
Usually, the results show from the cheapest to the most expensive. But some insurance companies pay to appear near the top of the comparison site’s list. These show as ‘sponsored’ or ‘featured’ on the list.
Always take time to scroll through the results and check the details of each product carefully.
What to think about when using these sites
Expect to give details
This helps to make sure they give you the right level of protection.
Think about the total excess and level of cover
Factor this in alongside the premium, to make sure you're comparing like for like.
Look at the extra cover options
Such as accidental damage cover, taking personal belongings away from the home etc.
Make sure you're not 'under-covered'
This could impact any how much money you get if you make a claim.
Your new insurer may talk to the old insurer
For example, to ask for proof of no claims.
Check for exclusions or special conditions
Like the types of lock you have on your external doors.
Idea
Not sure how much cover you need? Most comparison sites have free tools to help you work this out.
From the comparison site to the insurer
Once you have your top quote, you can navigate to the website of the provider. Here, you’ll see the full details of the product, including a more precise quote for your needs. You may also be asked to fill in a few more details before you can make your purchase.
Before you buy:
Check your details
Look at the all the information you’ve given to the comparison site and/or the insurers.
Is it correct? If not, it can mean the policy you buy is invalid.
Read the documents
You might see these on the comparison site. If not, look for them on the insurer’s own website.
Read these carefully. They’ll tell you what you can claim for, what you can’t and how to make a claim.
Tips to get the best deal
Chapter 3
How long it takes
2 minutes
Renew or change?
If you have insurance that’s up for renewal, it’s good to check whether it’s still the right policy for you. Have your needs changed? Is it still the best deal for you?
Note that insurers can no longer charge renewal customers more than new ones. So the cost of renewing may be similar to finding new insurance elsewhere. But it’s always worth using comparison sites to see what else is available now and how much it costs.
Idea
Contact your existing provider before you make a new purchase. Sometimes, if you find a quote that’s better, they’ll offer you a match for the price or try to beat it. This saves you switching.
Some won’t be able to offer you the same price, in which case you can go ahead with your comparison site choice.
Going direct
Comparison sites can be useful, but there are a few reasons why you might want to think about contacting an insurer directly.
Going direct can help:
- Make sure you see all products each provider has to offer.
- Show you products and providers that aren’t on any comparison sites.
- Remove the need to put your details in twice.
Idea
Using a mix of comparison sites and direct contact with insurers can help you get the deal that’s best for you.
Money-saving ideas
Here’s a few ideas that might help save you money, when you’re shopping for insurance:
-
Paying for your insurance in one go may cost you less than spreading the cost over more regular payments. For some types of insurance, this may mean it’s cheaper to pay once a year than every month. On the other hand, you may find spreading the cost makes it easier to budget.
Think about what works best for you.
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Some insurance companies give you a discount if you have more than one insurance policy with them. For instance, using the same provider for both home and car insurance, or insuring more than one vehicle with the same insurer.
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When you use different comparison sites, you may see that they show different insurers. They may also show different prices, for the same insurer. So it’s always worth looking at more than one of these sites, to find the best quote.
Want to learn more?
Insurance
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Lloyds Bank Academy is committed to providing information in a way that is accessible and useful for our users. This information, however, is not in any way intended to amount to authority or advice on which reliance should be placed. You should seek professional advice as appropriate and required. Any sites, products or services named in this module are just examples of what's available. Lloyds Bank does not endorse the services they provide. The information in this module was last updated on 5th May 2026.