FAQ
Insurers rate each policy on a number of risk factors, the rating of each of these factors may change dependent on the information an insurance company holds across their whole client base not just solely on your own policy. For example, your postcode could be rated higher than in previous years if the insurer has seen more claims made by clients in your area - this will likely increase your premium even if you have not claimed on your policy. This is why it is important to have a broker that will review your policy requirements at each renewal.
No two risks are the same and although you may compare your premium to someone you know who is covered on a similar basis there are multiple risk factors where a slight change can drive a big difference in the rate or acceptability of a risk to an insurer. There may also be a difference in the required policy benefits and coverage required which can also amend the overall premium charged. This is the reason it is key to make sure every detail supplied to your insurance broker is correct and we at Bower Wood are happy to discuss the best fit for your needs.
Every insurance policy is different with varying coverage, it is always best to clarify with an insurance broker exactly what cover you require to make sure you are purchasing an insurance policy to match. It is also imperative that all risk information you supply is up to date and correct to avoid any issues with your insurer potentially repudiating a claim when submitted.
Online insurers only push their own products and therefore are not a view of the wider market, meaning you could be overpaying.
Comparison sites – these only offer standard products, and won’t offer any solution outside the norm, leaving you with either an inadequate solution, or no solution at all.
Many insurance brokers will have relationships with specialist insurer markets, here at Bower Wood we are able to discuss your exact requirements with skilled underwriters allowing us to tailor the exact insurance policies you need for peace of mind.
It is vital that any incident/accident/claim or conviction is disclosed to your broker to ensure you have the correct cover in place. Any non disclosures may cause your insurance policy to be cancelled or voided all together.
Some insurers will accept young drivers whilst others will not, those that will cover young drivers will likely require larger premiums and potentially additional endorsements such as higher policy excesses or cover whilst the young driver is accompanied by a more experienced driver.
Bower Wood have access to a large number of insurer markets so it is likely that we will be able to transfer your existing policy to us should you choose to do so during the policy term. Alternatively we can offer a full insurance review for you ahead of any renewal date.