Moneysupermarket.com has launched a new channel on its website to allow motorists to shop around for insurance policies.
The motor section will consist of around 400 products and 35 providers.
Last month, the website – moneysupermarket.com – began listing details of travel insurance and term assurance packages. On Friday, it created a new section on the site, offering motor insurance with links to ten of the providers.
Customers will be able to complete an application form and buy their insurance online.
Moneysupermarket.com chief executive officer Simon Nixon said: “It will not include some direct insurers, because they have refused to be compared with other policies from more competitive motor insurance providers.
“But the intention is to eventually have them on the aggregator within the next six months.”
Moneysupermarket takes commission from underwriters for every deal a customer places through its website.
Its typical brokerage on a motor policy will be 12%.
Representatives approach insurers and ask whether they will add their details to the search engine. But the majority of its revenue comes from selling channels to portal partners like Freeserve and BT Openworld.
Initially, private motor insurance and cover for coaches and minibuses will be available from insurers, including Lloyd's six motor syndicates. There are plans to provide insurance for all types of motorcycles in the next four to six weeks.
“You have to offer the customer as many products as possible and let them decide,” said Nixon. “The consumer may not pick the most competitive price as they have never heard of the company, but at least we are showing them everything.”
Moneysupermarket.com , which was launched in 1999, also allows customers to compare mortgages, credit cards, loans and savings accounts. It has an estimated one million users a month.
