Life Admin, annoying, time consuming and something that we seem to always be putting off? Here at Budget Insurance we understand renewing your insurance policies can seem daunting and all together laborious. So to help you we’ve written a simple guide to explain what to expect when renewing and why certain things might happen.
If you haven’t already, sign up to our online My Account, where you can quickly and easily access your policy 24 hours a day, seven days a week. This allows you to update your policy, make certain types of amendments and make payments all from the comfort of your own home, without having to speak to anyone! Don’t worry if you prefer to speak to someone you can call our UK call centre.
What can affect my renewal price?
Ever received your renewal and wondered why the price has changed? Well, let us explain. There are many reasons why your price could change. These could include: having to make a claim, changing your car, changing occupation, moving house or adding/removing a named driver from your policy. There are also some things that are completely out of our control like the government increasing the Insurance Premium Tax (IPT), meaning unfortunately we have to increase our prices. In October 2016 IPT was increased from 9.5% to 10%. Unfortunately, we have now seen another increase, the new standard rate of IPT, since 1st June 2017, is 12%. This will be added to insurance premiums received on or after this date.
Life is busy and it’s easy to forget things like your Car insurance needs renewing. Automatic renewal does all the work for you, we will still contact you as normal letting you know when your policy will renew and what your price is for the forthcoming year, but you don’t need to lift a finger. Your renewal letter will clearly state whether or not you have opted into automatic renewal and you can opt in at any point by calling our customer service team. This easy, hassle free solution automatically renews your policy unless you tell us otherwise, meaning your car will never accidently be without insurance allowing you to take this off your ‘to do’ list.
Changes to renewal information
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 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.
Believe in Budget Insurance
We’ve helped almost 3 million customers find great value insurance and we’re part of the BGL Group, one of the UK’s biggest insurance brokers, so we know what we’re doing. Along with our contact centres, over 20 years’ experience and a 24 hour UK claims helpline we’re here to help you find a policy. We work hard to provide policies that give you comprehensive cover, allowing you to feel safe that if anything goes wrong, we’ve got you covered.
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