How are premiums calculated
When we calculate your premium, we consider a range of factors including information about the:
- Listed Drivers – Who will be driving the insured vehicle and their age, gender and driving history.
- Car – Information about your car including age, make and model.
- Location – Where the vehicle is parked.
- Excess – The standard excess you have chosen on your policy.*
Other factors that contribute to the premium include the costs of providing and administering your policy, the cost of claims we pay under the insurance we provide, as well as government charges.
Why is my renewal premium different to last year’s premium?
When we offer to renew your policy, the premium we offer is likely to be different to what you paid last time. While your circumstances may not change from one year to the next, how we use the factors and the effect they have on your premium may have changed.
Your renewal premium will usually be lower than the premium we’d offer on a new policy with the same cover details.
For more details on how the premiums are generated please refer to the link to the Premiums, Excesses and Claims Guides.
What is the premium I pay used for?
How can I review my premium?
Review your policies to make sure all the details are correct. Some changes can impact your premium. If you feel your policy pricing is incorrect, log into Policy Self Service and check over your policy details to make sure everything is accurate and complete.
Your policy details may have an impact on your premium, so make sure they’re all correct and up to date.
This information above is intended to be of a general nature and for information purposes only. What your premium goes towards may differ and may change from time to time. We do not accept any legal responsibility for any loss incurred as a result of reliance upon it – please make your own enquiries.
The information provided is accurate and true as of 3rd June 2019, noting we may change our pricing practice (and the premium factors) from time to time.
* Choose Your Excess option is available for new Comprehensive Car policies from 5 June 2020 and renewing Comprehensive Car policies with an effective date of 2 July 2020.