Sarah Geraghty No Comments

You receive your renewal notice via your inbox or through the letterbox and it is put on the To Do pile before you know it your renewal date is tomorrow.  With hectic work and family life it often feels easier to just accept the renewal quote and carry on knowing that you are covered.

However, taking a little bit of time to review your situation and insurance requirements can make a big difference to the type of coverage you receive as well as the cost. This is important of all insurance documents from Building and Contents Insurance through to Private Medical Insurance.

  1. Have your circumstances changed?

Even the smallest changes to your circumstances can change the coverage on your policy.  You will need to declare any changes including moving house or changes in your health (depending on the type of insurance you are renewing).

  1. Do you know when your policy is due for renewal?

Knowing when your existing policy is due for renewal is key as it allows you time to shop around and plan what you require from your Insurance coverage.  Some policies are set to automatically review to ensure that cover does not lapse, this does not stop you from looking around for other Insurance.

  1. Does loyalty come at a cost?

Getting the cheapest insurance policy is not always the best option; you need to balance the cost against the level of cover you receive. Always check the detail of the policy, not just the price.  

Some providers offer an introductory discount for the first year which then disappears on renewal, while other providers do the opposite.  If you can show that you have kept a healthy lifestyle they will offer you rewards to motivate you.

Choosing to pay a lump sum up front or via direct debit can also affect the premium you pay.

  1. Are you aware of the new Financial Conduct Authority (FCA) governance?

From April 1st 2018 the FCA has issued new regulations to Insurance Providers to give clearer information when issuing renewal documents to clients.  Your renewal documents must include:

• Your current year’s premium with your previous year’s premium for easy comparison.

• A reminder to check your policy and shop around

• A strong reminder to compare other policies if you have been with the same provider for 3 or 4 years.

  1. Have you read the renewal documents?

Any changes to your renewal policy must be highlighted, including changes to excess charges and any requirements you need to meet for the policy to activate.

  1. Can an expert offer you help?

Insurance is a highly competitive market with many different products available to suit a variety of requirements.  It can be daunting to read through the technical jargon and fine print. Our advisers are available to discuss your individual requirements and budget to tailor the insurance to you and not the other way round.  You can be confident that you have the right insurance, should you need to use it.

Tony Pizii, Senior Consultant at Temple Health comments – 

Tony Pizii - Senior Consultant at Temple Health

The importance of reviewing your private medical insurance should not be underestimated, as often it is not only the premium that may have changed. As a whole of market brokerage we are aware of the subtle amendments that are sometimes applied to the policy. Changes in hospital availability or fair and reasonable guideline changes can affect the level cover provided.

It’s always worth having a free consultation review, often the best advice is to stay where you are, but at least you’re confident that the cover suits your current requirements.