Important changes to Insurance documentation 

As of the 1st April 2017 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 April 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 insurer 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 is 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:

Quality

It’s a good idea to look at the Defaqto star rating that has been given to an insurer as this is an independent quality stamp indicating how comprehensive the insurance product is. The highest rating is 5 stars and this shows that the insurance product is regarded by Defaqto as high quality.

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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