To provide transparency and reassurance, it’s important to understand why renewal prices may be higher than the previous year. In January 2022, the FCA implemented new regulations to protect loyal customers from paying more than new customers. This means that renewal prices for existing customers will be either the same or lower than those for new customers, but not necessarily the same or lower than the previous year. Being an Insurance Broker means that we will always send your policy to a market of specially selected insurers to ensure that you receive the best coverage and pricing tailored to your needs.
The main factor behind the significant rise in car insurance prices in recent times is the escalating costs of claims. Following the COVID-19 pandemic, lower claim volumes led to generally lower insurance premiums. However, external factors have contributed to the surge in claims costs, including severe weather events, increased car thefts, higher repair expenses, the energy crisis, delays in obtaining parts, and the impact of inflation.
It’s crucial to note that inflation plays a role in how insurers calculate prices, as policies cover a year’s worth of protection. They factor in both current and anticipated inflation when pricing their policies, as claims may take months or even years to settle, with inflation continuing to apply until a claim is resolved.
We acknowledge the frustration surrounding the rise in car insurance costs and are committed to ensuring that our clients benefit from prices that accurately reflect the associated risks. As a broker, we actively monitor the situation and strive to ensure the best possible cover and premiums whenever possible. Like all businesses, insurers and brokers have been impacted by increased costs.
How Can We Help?
Whilst rising premiums are unfortunately inevitable across the industry, we as a broker will do what we can to ensure you receive the best price for the cover to suit you.
Market Knowledge and Expertise: We possess extensive knowledge and expertise in the insurance market, along with strong partnerships with carefully chosen insurers. This enables us to have an in-depth understanding of their offerings and their areas of expertise. With this insight, we can offer policy recommendations that deliver optimal value for our clients. Additionally, our access to insurers not readily available to the public means we can present our clients with a diverse array of options, empowering them to evaluate policies and premiums and select the one that best aligns with their requirements.
We work closely with our clients to understand the specific needs and risks. We’ll tailor insurance policies to provide coverage that is both comprehensive and cost-effective. Our personalised approach ensures that clients are not paying for unnecessary coverage but are adequately protected against potential risks.
Part of our skillset is the ability to negotiate with insurers on behalf of our clients. This can include negotiating premiums, policy terms, and coverage limits. We as brokers use our expertise and market knowledge to secure the best possible terms for our clients.
Risk Management Strategies
We also offer risk management services to help our clients identify and mitigate potential risks. By implementing proactive measures to reduce risks, clients may be able to lower their insurance premiums over time.
In the event of a claim, we can provide valuable, in-house support via our dedicated claims team. We’ll help you understand the claims process, submit necessary documentation, and advocate on our client’s behalf to ensure a fair and timely resolution. This can help minimise disruptions and ensure that you receive the outcome you’re entitled to.
Monitoring & Review
We stay up to date with changes in the insurance market, including fluctuations in pricing and policy offerings. We can periodically review policies to ensure they continue to meet client needs and are competitively priced. If necessary, we can recommend adjustments or alternative policies..
In conclusion, we as insurance brokers play a pivotal role in helping individuals and businesses navigate the complexities of insurance in the face of rising costs. Our market knowledge, personal approach, and negotiation skills are invaluable assets in securing the best coverage at competitive rates. By leveraging our expertise, clients can not only find the most suitable policies but also implement effective risk management strategies. With the guidance of a trusted broker, clients can confidently face the challenges of an evolving insurance landscape, knowing they have a dedicated advocate in their corner.
Car insurance doesn’t need to be complex. Our experts are on hand to provide the best insurance solution for you.
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