The following is my
answer to a Quora question: “Did insurance companies use to charge
for premium quotes? Advertisements for
insurance always say ‘free quotes’, and I have never heard of anyone charging
for them.”
No. People are
not going to pay for quotes, and any insurer that charges for it is likely
going to lose out on business. It does
not make financial sense. When insurers
and brokers mention “free quotes”, what they really mean is that there are no
obligations to take up the policy just because they have been quoted for it. It is “free”, in the sense that it is free of
obligations. Additionally, insurance
policies in many places come with a free look period, which varies according to
the insurer and the type of policy. The
policy owner may decline the policy within that free look period, and be
entitled to a full refund without any costs.
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