People are largely oblivious to the value of the Defaqto star rating system.

A YouGov plc survey, commissioned by Paymentshield, found that 85% of people in the UK are not aware of the Defaqto star rating.

However, just under three quarters of consumers agree that a rating system is a good idea to help easily compare the level of features and benefits between different insurance products.

The survey did find that more people appear to base their purchase choice on quality rather than price.

James Watson, sales director at Paymentshield, said: “It’s good to see that the majority of respondents agree that a quality product is more important than just opting for the cheapest option but it’s also worrying that most don’t know about Defaqto and how it can help when choosing a financial product.