What you need to know about pricing comparison
When your policy is due for renewal, we will send you a Certificate of Insurance which contains your new renewal information. This is sent to you at least 14 days before your policy is due to renew. This renewal offer will include the premium we are offering you for the upcoming insurance period. Renewal information also includes a comparison to the premium that we offered you last year.
The last year amount will not reflect any changes that were made to your policy in the last 12 months. This may include:
- Changes made after our insurance cover offer, but before your insurance period commenced, such as changing your excess or changing your sum insured.
- Any offers that were applied to your policy after the insurance cover offer was made, but before your insurance period commenced.
- Changes made at any time during your insurance period, such as adding a vehicle to your policy.
The comparison information may therefore not reflect the final premium you paid in the last 12 months.
Please note that when you make any changes to your policy, a policy change Certificate of Insurance will be sent to you, which outlines the changes to your policy and premium.
What causes premiums to change?
Even if your individual circumstances have not changed, your premium is likely to change every year. Your premium is based on a number of factors including:
- new and updated data (e.g. flood modelling)
- the cost of claims we have paid and expect to pay in the future
- third party data, market adjustments and other commercial considerations
- living in an area prone to severe weather, such as flood (Household only)
- changes in government statutory charges
- changes to the cost of running our business
Who can I contact for further information?
Please call us on 13 1905 if you need further information.