Our approach to pricing

There are many factors that are considered when we calculate the cost of your motor or home insurance when you purchase your policy and, also, why it may change when your policy is due to be renewed.

Some of the key considerations are outlined below:

Motor insurance

  • Type of car – When you change your vehicle it may be considered that you are less familiar with it, thereby increasing your  potential risk
  • Address – Where you live is a key factor for many reasons including the risk of the vehicle being damaged or stolen
  • Age – More experienced drivers are statistically less likely to have an accident
  • Where the vehicle is kept – If it is kept in a garage overnight then this may be considered more secure than if it’s kept on the street
  • Excess – If you choose to have a higher excess then the cost of your overall premium may go down
  • Annual mileage – If your annual mileage is low this may mean that your premium is less than if you have a higher annual mileage
  • Endorsements and penalty points – Existing penalty points and endorsements can result in higher car insurance premiums
  • Claims – If you have had a recent claim then again, this is considered when the premium is calculated

Home insurance

  • Address – Where you live is a key factor for many reasons including whether this is prone to flooding or have more instances of burglary
  • Value of your contents – The more valuable the items you want to insure the higher your premium
  • Security – Having a burglar alarm, high quality locks, fire alarms and smoke detectors can all affect the price
  • Proximity to water – If your home is in, or close to, an area considered to be prone to flooding, this may affect your premium
  • Claims – If you have had a recent claim then again this is considered when the premium is calculated

The price you pay when you initially buy your policy may include an introductory discount based on the information you provide. For any policy changes, and when your policy is renewed, this will be recalculated. We’ll always aim to keep our prices as low as possible, but if you shop around you may find a more competitive price elsewhere.

Other factors will also be considered, including any claims or changes you may have made to your policy during the year. It is important that you also check the accuracy of the information provided in your renewal offer as any changes made after 14 days of your renewal date could incur an amendment fee and also a change to your premium.

The Amendment Fee is charged to cover the administration time taken to amend the policy, create new documents and notify the relevant third parties.

For more information about our Amendment Fee please click here.

For full details of all our fees please click here