How Do New Renewal Regulations Affect the Customer?
1 min read October 7th, 2019
New regulations concerning the provision of information for insurance policies, called Non-Life Insurance (Provision of Information) (Renewal of Policy of Insurance) (Amendment) Regulations 2018, will come into effect on 1 November, 2019. These new regulations require insurance companies to make a few changes to documents issued at renewal and when a new policy is purchased. Here are all of ways the new regulations will affect you as the customer:
Your renewal documents will now show you the premium that you paid last year. This is applicable only to private motor insurance which is being renewed.
Change in Premium
In respect of a motor insurance policy, if your premium changed during the year (i.e. you changed car, moved house, or to chose to introduce an optional extra), your renewal documents will show your annualised premium, which was recalculated from the time that the change was made.
Please note: Your annualised premium is the annual price of the risk that is currently covered under your policy.
If you have comprehensive cover, your renewal documents will show you how much third party fire and theft would cost – and vice versa.
Bonus Protection and Voluntary Excess
Customers with third party fire and theft cover can now buy bonus protection and select a higher voluntary excess. Previously, the excess limit was €250 – but you will now be able to choose a higher excess if you wish.
No Claims Bonus Declaration
When opening a new policy with Allianz, a new document called a No Claims Bonus Declaration will now be included in the new business pack. This will show that your premium has been calculated on the No Claims Bonus that you have provided to us. This is not proof of No Claims Bonus, but simply documentation of what has been provided to Allianz.
Renewal Document Timeline
Insurance companies will now be required to send renewals no less than 20 working days ahead of renewal, as opposed to the previous 15.
As the customer, you are affected only in what will be shown in your documents and the amount of excess you can select as a third party fire and theft customer
If you have any queries regarding the changes to your documentation, please contact us at 01 448 48 48 Monday to Friday from 8am-6pm or Saturday from 9am-1pm.