Important changes to Insurance documentation

Insurance Documents

The way in which insurance renewal information is communicated to customers is changing….and in our opinion for the better!

Across the industry, it has been recognised that insurance communications aren’t always the easiest to understand, which sometimes means that as a customer when your insurance is coming up for renewal it’s hard to know what the best decision is for you and your insurance needs.

So, what’s changing?

From the 1st October 2018 the Financial Conduct Authority (FCA) requires all information relating to your renewal policy to contain:

  • How this price compares to the price you paid last year
  •  A reminder that it’s important to check if your current insurance provider still meets your needs, and that the best deal for you could be found by having a look around at all of the offerings in the market.

At Budget Insurance, in line with these updated regulations, we have also changed the way in which our renewal information is communicated by re-designing our emails and booklets. We aim to make sure you have clearer information around the whole renewal process, including all associated fees and charges, and how the renewal process works with us including clearer information about how your new price has been calculated

The new process and information are designed to make renewing your insurance easier and to help you by providing honest and clear information around the price of your insurance, which we know is often one of the most important factors when making purchasing decisions.

And whilst we know price is important, there are also other things you should consider when thinking about what your insurance needs are when you come up to renewal, and here are our top 3:

Customer opinion

It’s also a good idea to look at what current customers are saying about the insurance company. The easiest way to do this is to look on independent sites such as TrustPilot which give an overall score out of 10 as well as displaying customers’ comments.

Additional products included

Some insurance products also come with additional benefits bundled into the price, things such as breakdown or legal cover. It’s a good idea to check the details to see what you’re getting for your money, and also to check that your insurance product has the additional features that meet your insurance needs.

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We’re currently experiencing a high volume of calls into our contact centre and whilst we are doing our very best to maintain service levels, we ask that you only call our contact centre if absolutely necessary so we can keep our phone lines available  for vulnerable customers and those who don’t have access to online services.

If you need to check any details or make a change to your policy, please  log in to your Self-Service Centre. It will be much quicker for you to make changes to your policy online at the moment. Once logged in, you can also use our Webchat service which is available Monday- Saturday 8am-6pm and Sunday 10am-4pm to make changes, accept or decline your renewal or if you need to let us know about a claim. To log in, please click here.

We also have some other information that may be useful. Click here to read our FAQ’s, and information on what we are doing to support key workers can be found here.