German insurer HUK-Coburg leaves all comparison websites
HUK-Coburg, the largest insurer of private households in Germany, will no longer list themselves on online comparison websites. Instead of paying high fees, it would make more sense to give customers more favorable offers, the car insurance company explains.
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They have decided to, starting this October, leave the “relatively expensive comparison portals and to not be listed there again”, CEO Klaus-Jürgen Heitmann said yesterday. And board member Jörg Rheinländer explained that, instead of paying high fees to these comparison websites, it makes more sense to just give customers more favorable offers.
Wirtschaftswoche writes that car drivers should pay attention to the benefits of products, which are at the forefront of comparison portals. Often these are stripped-down products, where important services are missing. And this can avenge itself when the damage occurs and the policy holder discovers that his insurance has gaps.
Comparison portals: incomplete and not objective
In May of this year, the Federation of German Consumer Organisations VZBV examined comparison portals that focuses on motor vehicle insurances, checking accounts and installment loans. It concluded these online portals often were not objective, incomprehensible and incomplete. In some cases, the best product for consumers wasn’t even shown in the comparison.