New research has suggested aggregator sites which allow consumers to compare home insurance quotes from different providers are not as effective as many believe.

A report by Defaqto analysed the services offered by 28 of the websites and found none offer customers whole coverage of the market, contrary to what they claim in their advertising campaigns.

In addition, aggregators make a number of assumptions about underwriting factors in order to get quotations from insurers, the company claims.

Some of the websites do not provide consumers the facilities to cover all of their insurance requirements while few allow comparisons on anything other than price.

Mike Powell, Defaqto's general insurance consultant, claims there are only five true aggregator sites and described the market for car insurance evaluation is more advanced.

"The home insurance aggregation market is no where near as developed as the car insurance market. For the consumer … there are only five true aggregator sites … the remainder predominantly provide quotations from intermediary panels," he said.

Defaqto is an independent company which aims to help people make sensible decisions concerning their finances.

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