Fool enhances motor service

by Gill Montia

Story link: Fool enhances motor service

Fool.co.uk, the personal finance website, has secured an agreement with comparethemarket.com, which will be providing the motor insurance quotation facility on Fool’s Motley Fool Insurance Service.

Consumers logging on to The Motley Fool’s Insurance Service Centre will be taken to a site powered by comparethemarket.com, when they select car or van insurance as their area of interest.

The site has the capacity to search over 300 prices to present a range of suitable quotes.

Comparethemarket.com has been operating since 2006 and its insurers’ panel members includes the Post Office, Norwich Union, M&S, Quinn Direct and AXA.

Such price comparison websites are likely to be in strong demand in the coming months as experts in motor insurance have been predicting that premiums will rise substantially in 2008.

In recent times some insurers have been subsidising their highly competitive motor premiums, to maintain market share.

They have done this by using profit from their reserves but the scale of claims from this summer’s flooding will mean a lowering of reserves and this practice is unlikely to continue to be widespread.