Trying to make sense of renewal quote

[losttheplot]

I received my renewal from an online broker. Trying to figure out the prices is really confusing me. In the covering email they say my existing insurer (Zurich) is quoting 465.36. They recommend Ivernia for 441.74 (also through Zurich).



When I go through the policy docs, it gets confusing. This table is shown with an amount of 494.26, but directly beneath it shows 400.36


A few pages later it shows how the 470 becomes 400.36, but makes no sense to me.

Then there's a page titled 'Regulatory Information' NCD was 564 above but seems to be 917 here.

Then finally, 441.74 as stated in the email. This is the sum of the first table under Regulatory Information + 65 admin fee.

Does anyone understand how these numbers were arrived at or are they just thrown together.

 

[jpd]

Ring them up and ask for an explanation

 

[losttheplot]

Ring them up and ask for an explanation

I've emailed them. I really don't have the patience or the time to go through it on the phone with them.

 

[jpd]

Can't imagine they will reply to that, but who knows

In any case, the only figure that matters is the amount that you will have to pay

You should get quotes from other insurers, being careful to give them the same information and see what they quote

 

[losttheplot]

I have multiple quotes, all similar. Not hopeful of a reply to be honest. Will update if I get one. They don't make these docs easy to follow.

 

[odyssey06]

I have multiple quotes, all similar. Not hopeful of a reply to be honest. Will update if I get one. They don't make these docs easy to follow.

They are meant to under CPC guidelines...
They dont have to show how your risk premium (age, vehicle. Area etc) was calculated but you should see it as a clear starting point and then the public factors such as ncd, penalty points, claims loadings, extras.

It looks like the confusion is between the broker document and the insurance provider breakdown.
The administration fee seems like that's from the broker? I've only heard of providers charging admin fee for MTAs.

So the question is how are the (broker) starting from a risk premium of 303.40

Were you charged an admin fee of 20 or 65?

 

[Pinoy adventure]

I’d be asking too remove the admin fee or at least reduce it.

 

[LDFerguson]

Certainly confusing. The regulatory information is completely different to the specific table. I only work with life & pensions; not general insurance but on the life & pensions side, some regulatory documents like Customer Guides feature generic example figures on them.

Is it possible that the regulatory information is not specific to you at all and just a sample that happens to be similar to yours?