Its great news your renewal premium has reduced from last year. New regulations mean that when renewal premiums are calculated they should be the same as the equivalent new prices, for some customers this will mean their renewal premiums will have reduced.
I don’t recognise last years renewal?
The price you paid last year and which is shown in your renewal invite, includes any changes you made to your policy at last renewal and any additional discounts that were applied at that time.
How is Last Years Premium Calculated?
Insurer Premium, Insurance Premium Tax, MTA premium, Any relevant discount, Add-ons (12 month cost)
What's Not Included
Write Offs, Fees, Interest (If monthly payer)
For monthly payers the renewal premium should include the interest.
Is it only because of the introduction of this regulation that you are being open with customers about autorenewal
The FCA have implemented this change across the whole industry but we agree that customers should have all the information they need to make an informed choice. The changes we have made will provide more options on auto renewal preferences.
Why is my renewal price with Tesco Bank higher than I can get elsewhere?
We aim to offer all our customers a competitive renewal price and continually assess our prices against the market. When shopping around you should check that the cover provided is like for like and this includes any excess.
Is it only because of the introduction of this regulation that you are being open with customers about premium finance costs?
Tesco have always provided options on how to pay for insurance and the FCA have implemented new changes across the whole industry making it even clearer for customers to make an informed choice.
Why has my renewal price reduced from last year?
Its great news your renewal premium has reduced from last year. New regulations mean that when renewal premiums are calculated they should be the same as the equivalent new business price, for some customers this will mean their renewal premiums will have reduced.
How do I switch on or off auto renewal?
Having your policy on automatically renewal will provide you peace of mind that you have cover in place. Should you decide to remove your automatic renewal you can do this online via Your Insurance account at www.tescobank.com/your-insurance or by giving us a call.
You can manage most changes online via Your Insurance account, this includes amending how your policy renews by selecting to opt in or out of auto renewal at anytime.
Why isn’t the new business quote from Tesco the same as my renewal premium?
There are a number of reasons why your renewal premium maybe different to a new business quote, Firstly check that the information you have used in your quote is the same as on your current policy - you can do this by checking your existing policy details via Your Insurance Account. If all the information is consistent then the its likely that our new business prices have changed since we issued your renewal, whilst we check that the prices are the same when your renewal is issued prices can go up or down in the period before your renewal.