Why Use an Insurance Broker like Lloyd Vine
An Insurance Broker is a professional firm regulated by the Financial Conduct Authority (FCA) whose prime purpose is to help customers find suitable cost effective insurance protection.
Brokers can give advice on numerous issues including support in the event of a claim. Brokers are the agent of you the client; they represent your interests. Lloyd Vine are registered and regulated insurance brokers. Lloyd Vine provide advice, guidance and choice on a range of risk management services and insurance products.
If you buy your insurance direct with an insurer or through their tied agents and do not use a broker, you are effectively taking responsibility for ensuring you are covered correctly. You will be responsible for all and any errors and omissions.
Brokers can give advice on numerous issues including support in the event of a claim. Brokers are the agent of you the client; they represent your interests. Lloyd Vine are registered and regulated insurance brokers. Lloyd Vine provide advice, guidance and choice on a range of risk management services and insurance products.
If you buy your insurance direct with an insurer or through their tied agents and do not use a broker, you are effectively taking responsibility for ensuring you are covered correctly. You will be responsible for all and any errors and omissions.
Comparison Websites
In 2016 he UK’s competition watchdog has launched a probe into price comparison sites, which are an increasingly popular way of shopping for some insurances. The Financial Conduct Authority (FCA) said that price comparison sites were failing to meet consumers’ expectations of security after an investigation into how they sold insurance. The FCA was particularly critical of their failure to disclose important policy details which places the consumer at the risk of buying products without understanding the key features such as level of cover or excess levels and purely focus on the price.
We know that no such website provides a true comparison from every available insurance underwriter. Further, as providers vie to provide the cheapest quote, the cover provided by policies is being cut or onerous terms & conditions applied. Once again, you are taking the risk of insuring yourself properly, often with very little understanding of insurance contract wordings.
Just remember if you are unlucky enough to find your assets in ashes, will your first thought be that you found a cheaper premium or OMG am I covered?
We know that no such website provides a true comparison from every available insurance underwriter. Further, as providers vie to provide the cheapest quote, the cover provided by policies is being cut or onerous terms & conditions applied. Once again, you are taking the risk of insuring yourself properly, often with very little understanding of insurance contract wordings.
Just remember if you are unlucky enough to find your assets in ashes, will your first thought be that you found a cheaper premium or OMG am I covered?
Cheaper Premiums?
Occasionally, our recommended insurance is challenged purely based on cost. It can even be suggested a like for like quote has been found without even comparing the policy wordings and terms and conditions. To the general public like for like usually means the insurance schedule/quote displays the same sums insured. This has nothing to do with what events and perils you are actually covered for or how the insurer will deal with your claim.
Tongue in cheek, we often say to such people that we can provide an insurance to cover up to £100,000 for just £5.00. After the realisation sinks in, they ask "what does it cover?" Precisely! Now they are thinking straight and their mind switches from getting the cheapest to does this policy actually provide the cover I need.
Please remember insurance companies have been honing their business since Dick Turpin was riding around in the 18th Century. Cheaper premiums will often mean cutting cover and/or reducing or refusing claim settlements. Either way it can leave you with a far larger cost than any perceived premium saving.
For sure, you may be lucky and have no need to claim, but do you want to take that chance?
So at Lloyd Vine we take pride in looking after our clients and ensure we find you the most competitive insurance with the most suitable cover.
Please let us help you.
Tongue in cheek, we often say to such people that we can provide an insurance to cover up to £100,000 for just £5.00. After the realisation sinks in, they ask "what does it cover?" Precisely! Now they are thinking straight and their mind switches from getting the cheapest to does this policy actually provide the cover I need.
Please remember insurance companies have been honing their business since Dick Turpin was riding around in the 18th Century. Cheaper premiums will often mean cutting cover and/or reducing or refusing claim settlements. Either way it can leave you with a far larger cost than any perceived premium saving.
For sure, you may be lucky and have no need to claim, but do you want to take that chance?
So at Lloyd Vine we take pride in looking after our clients and ensure we find you the most competitive insurance with the most suitable cover.
Please let us help you.
We found a couple of videos that help explain:
We are also really good at helping people and businesses that don't fit the what the computer says. Please have a look at the is video.