Pocketwise plans vehicle insurance comparisons

Pocketwise will use insurance brokers to get vehicle insurance quotes for its website users when the financial product price comparison site moves into car insurance next year.

Fintech entrepreneurs Binu Paul and Richard Dellabarca came up with Pocketwise to emulate the Money Supermarket, used by over 1.5 million British households annually to compare everything from credit cards to car hire, Stuff reports.

Pocketwise users can compare and buy KiwiSaver funds, mortgages, credit cards and personal loans

The aim is to cover every financial product on the market.

Large insurers often refuse to share their pricing with price comparison websites, so Pocketwise users wanting to compare car insurance will be referred to insurance brokers for quotes.

Price comparison website Glimp.co.nz, launched in September, adopted a similar scheme.

The Insurance Council is reported as saying people who want quotes can already get them online from each of the insurers, or call on their freephone numbers.