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Why a comparison needs a common quote date
Offers made on different days can rest on different assumptions and conditions.
Offers made at different times can use different assumptions or conditions. A difference may therefore reflect the version of the product as well as the provider.
Keeping dates and expiry conditions makes that limitation visible. The exercise should compare currently available written terms rather than combine a recent offer with a remembered advertisement.
- Note the quote date and its expiry beside every figure you compare.
- A recent offer and a remembered advertisement rarely describe the same version of a product.
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Definitions
- Quote expiry
- The date after which a quoted rate or amount may no longer apply to a new application.
- Market conditions
- Outside factors that can move rates between two quotes obtained on different days.
Direct answers
- Why does the quote date matter?
- A difference between two offers may reflect the version of the product rather than the provider.
- Which details matter for this question: why a comparison needs a common quote date?
- Limitations of this kind are easier to see when each figure carries its own date.
- What should be checked next concerning why a comparison needs a common quote date?
- Compare currently available written terms from the same period instead of mixing recent and older material.