The cost of not being Mr or Mrs Buy Right

Brits believe they have lost out to the tune of £750 million in the last 12 months because they have not been able to claim on a car, home or travel insurance policy even though they thought they were covered, according to research from Tesco Compare.com.

The research also reveals that the mistake in purchasing has typically cost each of the 1 million Brits who have had their claims turned down in the last 12 months, £736.

Of these the vast majority (82%) says it has altered the way they will go about dealing with this sort of purchase in the future.

It is perhaps not surprising that so many end up disappointed, as the research reveals that over half (55%) of all Brits do no more (if at all) than skim over the descriptions of any product or service they buy. Perhaps as a result of this, 58%1 admit to having purchased a product or service in the last year that was not right for them.

It is not just purchasing the wrong type of insurance that has cost Brits big in the last year. Over four and a half million Brits admit to having bought an article of clothing only to later realise it was dry clean only. And over 800,000 have got a quote from a builder but ended up having to pay extra charges.

Commenting on the research, Peter Dingle, Managing Director at TescoCompare.com said: “It is worrying that so many of us have made mistakes in the past twelve months. With the pace of modern life, many perhaps simply do not have the time to make sure they understand what they are buying.”

Tesco Compare.com, a new car insurance comparison site, is unique in its offering as it will not only compare car insurance policies by price but it will also compare the policy features across insurers so that customers can find the right insurance for them.

Peter Dingle, Managing Director at Tesco Compare.com said: “Insurance polices can be complicated, and it is not surprising that so many people find themselves in a situation where they thought they were covered when in fact they weren’t. TescoCompare.com is the first comparison site to compare car insurance policies not just on price but also by what is covered, thereby giving consumers extra information to help prevent them making a purchase they may end up regretting.”

Tesco Personal Finance has worked with each of its listed brands to ensure that the price quoted on the site is the end price customers will be paying. The price is no higher than if the customer bought direct. TescoCompare.com currently lists details of around 30 insurers, such as Churchill, The AA, More Th> n, Sheilas’ Wheels and many more. Tesco Compare.com will extend the number of its car insurance partners in the near future.

TescoCompare.com has been rated best car insurance comparison site by Defaqto, an independent product research company. Defaqto carried out an analysis of 17 motor insurance comparison sites, assessing them for functionality and usability features. With a Defaqto rating of 87%, TescoCompare.com received the highest score of all tested sites. Defaqto highlighted TescoCompare.com, which launched in September this year, as ‘the best overall service to consumers’.

Visit Tesco Compare at tescocompare.com.