Personal Lines Product Value Statements

Here are all the latest value statements for our Personal Lines product offering

Our Product Value Statements

Here are all the latest value statements for our Personal Lines product offering. Click on a product name to reveal its value statement.

Ageas Private Car (APC) – Value Statement

Summary

Our opinion is that this product offers good value for those customers within the target market and provides them with good outcomes. They will receive a product that will meet the requirements and needs of those looking for a generic ‘mass market’ motor insurance policy. – We have used an array of live product information on performance, price, distribution, and service to come to this opinion.

This product has a wide range of customers in its target market. Please refer to APC’s target market statement for information on who this product is and is not suitable for.

Cover

In keeping with the needs of this target market, APC is a standard risk car insurance policy, offering comprehensive cover for the standard perils of accidental damage, malicious damage, fire, and theft. Some other items such as windscreen damage, replacement locks and driving abroad are also included. Cover is explicit in the policy documentation and transparent to the customer. This allows them to understand how APC meets their needs and means they can compare with other products as necessary.

Excesses

Voluntary excess amount can be selected by the policyholder in line with their financial requirements and are used to balance up-front premium costs. Compulsory excesses are set in line with our claims experience, represent an appropriate compromise between cost and value, and are not out of step with similar products offered by Ageas, or others in the market. Excesses are clearly set out in the policy documentation.

Pricing

The average premium is appropriate given the level of cover and service offered. Metrics used in the product review (such as average claim payment) show significant benefit is taken by a customer that needs to claim under an APC policy. It is also in line with competitors offering similar products.

Distribution

APC is sold through intermediaries on all the major insurance software platforms, a suitable distribution model for an open-market product with a wide target market. The flexibility to sell face-to-face, over the phone, or through websites/aggregators allows for the distribution to match the specific requirements of a broker or customer, and help the product reach a wide variety of customers looking for standard, comprehensive car insurance The product is not directly marketed as it is sold exclusively through intermediaries. Most of the business written comes via aggregators where there is clear comparison available for the customers to review.

Remuneration

Given the distribution model of APC, there is a level of remuneration (through commission and fees) taken by the intermediary on every policy. These are clear to the customer, and given they are responsible for any marketing and servicing of the customer and policy, these are in our opinion appropriate and justifiable. 

Ageas Broker Van (Van Guard) – Value Statement

Summary

Our opinion is that this product offers good value for those customers within the target market and provides them with good outcomes. They will receive a product that will meet the requirements and needs of those looking for a generic ‘mass market’ commercial vehicle insurance policy. – We have used an array of live product information on performance, price, distribution, and service to come to this opinion.

This product has a wide range of customers in its target market. Please refer to Van Guard target market statement for information on who this product is and is not suitable for.

Cover

In keeping with the needs of this target market, Van Guard is a standard risk van insurance policy, offering comprehensive and third party, fire and theft cover for the standard perils (for comprehensive; accidental damage, malicious damage, fire, theft, windscreen damage, replacement locks and SDP use abroad). Cover is explicit in the policy documentation and transparent to the customer. This allows them to understand how van guard meets their needs and means they can compare with other products as necessary.

Excesses

Voluntary excess amount can be selected by the policyholder in line with their financial requirements and are used to balance up-front premium costs. Compulsory excesses are set in line with our claims experience, represent an appropriate compromise between cost and value, and are not out of step with similar products offered by Ageas, or others in the market. Excesses are clearly set out in the policy documentation.

Pricing

The average premium is appropriate given the level of cover and service offered. Metrics used in the product review (such as average claim payment) show significant benefit is taken by a customer that needs to claim under a van guard policy. It is also in line with competitors offering similar products.

Distribution

Van guard is sold through intermediaries on all the major insurance software platforms, a suitable distribution model for an open-market product with a wide target market. The flexibility to sell face-to-face, over the phone, or through websites/aggregators allows for the distribution to match the specific requirements of a broker or customer, and help the product reach a wide variety of customers looking for standard, comprehensive or TPFT van insurance The product is not directly marketed as it is sold exclusively through intermediaries. Most of the business written comes via aggregators where there is clear comparison available for the customers to review.

Remuneration

Given the distribution model of Van Guard, there is a level of remuneration (through commission and fees) taken by the intermediary on every policy. These are clear to the customer, and given they are responsible for any marketing and servicing of the customer and policy, these are in our opinion appropriate and justifiable. 

MotorGuard – Value Statement

Summary

Our opinion is that MotorGuard offers good value for those customers within the target market and provides them with good outcomes. They will receive a product that will meet the requirements and needs of those looking for a generic ‘mass market’ motor insurance policy. – We have used an array of live product information on performance, price, distribution, and service to come to this opinion.

This product has a wide range of customers in its target market. Please refer to MotorGuard’s target market statement for information on who this product is and is not suitable for.

Cover

In keeping with the needs of this target market, MotorGuard is a standard risk car insurance policy, offering comprehensive cover for the standard perils of accidental damage, malicious damage, fire, and theft. Some other items such as windscreen damage, replacement locks and driving abroad are also included. Cover is explicit in the policy documentation and transparent to the customer. This allows them to understand how MotorGuard meets their needs and means they can compare with other products as necessary.

Excesses

Voluntary excess amount can be selected by the policyholder in line with their financial requirements and are used to balance up-front premium costs. Compulsory excesses are set in line with our claims experience, represent an appropriate compromise between cost and value, and are not out of step with similar products offered by Ageas, or others in the market. Excesses are clearly set out in the policy documentation.

Pricing

The average premium is appropriate given the level of cover and service offered. Metrics used in the product review (such as average claim payment) show significant benefit is taken by a customer that needs to claim under an MotorGuard policy. It is also in line with competitors offering similar products.

Distribution

MotorGuard is sold through intermediaries on all the major insurance software platforms, a suitable distribution model for an open-market product with a wide target market. The flexibility to sell face-to-face, over the phone, or through websites/aggregators allows for the distribution to match the specific requirements of a broker or customer, and help the product reach a wide variety of customers looking for standard, comprehensive car insurance The product is not directly marketed as it is sold exclusively through intermediaries. Most of the business written comes via aggregators where there is clear comparison available for the customers to review.

Remuneration

Given the distribution model of MotorGuard, there is a level of remuneration (through commission and fees) taken by the intermediary on every policy. These are clear to the customer, and given they are responsible for any marketing and servicing of the customer and policy, these are in our opinion appropriate and justifiable. 

Optima Car (OC) – Value Statement

Summary

Our opinion is that this product offers good value for those customers within the target market and provides them with good outcomes. They will receive a product that will meet the requirements and needs of those looking for a generic ‘mass market’ motor insurance policy. – We have used an array of live product information on performance, price, distribution, and service to come to this opinion.

This product has a wide range of customers in its target market. Please refer to OC’s target market statement for information on who this product is and is not suitable for.

Cover

In keeping with the needs of this target market, OC is a standard risk car insurance policy, offering comprehensive cover for the standard perils of accidental damage, malicious damage, fire, and theft. Some other items such as windscreen damage, replacement locks and driving abroad are also included. Cover is explicit in the policy documentation and transparent to the customer. This allows them to understand how OC meets their needs and means they can compare with other products as necessary.

Excesses

Voluntary excess amount can be selected by the policyholder in line with their financial requirements and are used to balance up-front premium costs. Compulsory excesses are set in line with our claims experience, represent an appropriate compromise between cost and value, and are not out of step with similar products offered by Ageas, or others in the market. Excesses are clearly set out in the policy documentation.

Pricing

The average premium is appropriate given the level of cover and service offered. Metrics used in the product review (such as average claim payment) show significant benefit is taken by a customer that needs to claim under an OC policy. It is also in line with competitors offering similar products.

Distribution

OC is sold through intermediaries on all the major insurance software platforms, a suitable distribution model for an open-market product with a wide target market. The flexibility to sell face-to-face, over the phone, or through websites/aggregators allows for the distribution to match the specific requirements of a broker or customer, and help the product reach a wide variety of customers looking for standard, comprehensive car insurance The product is not directly marketed as it is sold exclusively through intermediaries. Most of the business written comes via aggregators where there is clear comparison available for the customers to review.

Remuneration

Given the distribution model of OC, there is a level of remuneration (through commission and fees) taken by the intermediary on every policy. These are clear to the customer, and given they are responsible for any marketing and servicing of the customer and policy, these are in our opinion appropriate and justifiable. 

Optima Bike – Value Statement

Summary

Our opinion is that Optima Bike offers good value for those customers within the target market and provides them with good outcomes. The product offers good value, even with the challenges of Covid-19, and associated reductions in traffic volumes and changes in customer behaviour. Those purchasing Optima Bike will receive a product that will meet the requirements and needs of those looking for a standard risk motorcycle product. We have used an array of live product information on performance, price, distribution, and service to come to this opinion.

This product has a wide range of customers in its target market. Please refer to Optima Bike’s target market statement for information on who this product is and is not suitable for.

Cover

In keeping with the needs of this target market, Optima Bike offers either Comprehensive or Third Party, Fire & Theft cover. The offering includes generic covers such as ‘Riding Abroad’ and ‘New

Replacement Motorcycle’, on top of that needed to meet the requirements of the Road Traffic Act. Cover is explicit in the policy documentation and transparent to the customer. This allows them to understand how Optima Bike meets their needs and means they can compare with other products as necessary.

Excesses

Voluntary excess amount can be selected by the policyholder in line with their financial requirements and are used to balance up-front premium costs. Compulsory excesses are set in line with our claims experience, represent an appropriate compromise between cost and value, and are not out of step with similar products in the market. Excesses are clearly set out in the policy documentation.

Pricing

The average premium throughout the review period remains appropriate given the level of cover and service offered. Metrics used in the product review (such as average claim payment) show significant benefit is taken by a customer that needs to claim under an Optima Bike policy.

Distribution

Optima Bike is sold through intermediaries on most insurance software platforms; a suitable distribution model for a motorcycle product with a wide target market. The flexibility to sell face-to-face, over the phone, or through websites allows for the distribution to match the specific requirements of a broker or customer, and help the product reach a wide variety of customers looking for standard motorcycle insurance. The product is not directly marketed as it is sold exclusively through intermediaries.

Remuneration

Given the distribution model of this product, there is a level of remuneration (through commission and fees) taken by the intermediary on every policy. These are clear to the customer, and given they are responsible for any marketing and servicing of the customer and policy, these are in our opinion appropriate and justifiable. 

Optima Bike 2 – Value Statement

Summary

Our opinion is that Optima Bike 2 offers good value for those customers within the target market and provides them with good outcomes. The product offers good value, even with the challenges of Covid-19, and associated reductions in traffic volumes and changes in customer behaviour. Those purchasing Optima Bike will receive a product that will meet the requirements and needs of those looking for insurance for smaller motorcycles and mopeds, up to 125cc. We have used an array of live product information on performance, price, distribution, and service to come to this opinion.

 

This product has a wide range of customers in its target market. Please refer to Optima Bike 2’s target market statement for information on who this product is and is not suitable for.

 

Cover

In keeping with the needs of this target market, Optima Bike offers a range of cover options, across Comprehensive, Third Party Fire & Theft, and Third Party Only cover. The offering includes generic covers such as ‘Riding Abroad’ and ‘New Replacement Motorcycle’, on top of that needed to meet the requirements of the Road Traffic Act. Cover is explicit in the policy documentation and transparent to the customer. This allows them to understand how Optima Bike 2 meets their needs and means they can compare with other products as necessary.

 

Excesses

Voluntary excess amount can be selected by the policyholder in line with their financial requirements and are used to balance up-front premium costs. Compulsory excesses are set in line with our claims experience, represent an appropriate compromise between cost and value, and are not out of step with similar products in the market. Excesses are clearly set out in the policy documentation.

Pricing

The average premium throughout the review period remains appropriate given the level of cover and service offered. Metrics used in the product review (such as average claim payment) show significant benefit is taken by a customer that needs to claim under an Optima Bike 2 policy.

Distribution

Optima Bike 2 is sold through intermediaries on most insurance software platforms; a suitable distribution model for a motorcycle product with a wide target market. The flexibility to sell face-to-face, over the phone, or through websites allows for the distribution to match the specific requirements of a broker or customer, and help the product reach a wide variety of customers looking for insurance for smaller motorcycles and mopeds. The product is not directly marketed as it is sold exclusively through intermediaries.

Remuneration

Given the distribution model of this product, there is a level of remuneration (through commission and fees) taken by the intermediary on every policy. These are clear to the customer, and given they are responsible for any marketing and servicing of the customer and policy, these are in our opinion appropriate and justifiable. 

Optima Motorhome – Value Statement

Summary

Our opinion is that Optima Motorhome is a growing product, offering good value for those customers within the target market and providing them with good outcomes. The product offers good value, even with the challenges associated with Covid-19, and associated changes in customer behaviour. Those purchasing Optima Motorhome will receive a product that will meet the requirements and needs of those looking for specialist insurance to cover the use a coach-built motorhome as their secondary vehicle. We have used an array of live product information on performance, price, distribution, and service to come to this opinion.

This product has a reasonably narrow target market, offering best value for those between certain ages, using a particular type of vehicle for limited use. Please refer to Optima Motorhome’s target market statement for information on who this product is and is not suitable for.

Cover

In keeping with the needs of this target market, Optima Motorhome offers comprehensive cover only, and includes items such as 180 days EU cover, camping equipment cover and personal belongings cover. Cover is explicit in the policy documentation and transparent to the customer. This allows them to understand how Optima Motorhome meets their needs and means they can compare with other products as necessary.

Excesses

Voluntary excess amount can be selected by the policyholder in line with their financial requirements and are used to balance up-front premium costs. Compulsory excesses are set in line with our claims experience, represent an appropriate compromise between cost and value, and are not out of step with similar products in the market. Excesses are clearly set out in the policy documentation.

Pricing

While rate increases have been applied to the product over the review period, the average premium is still appropriate given the level of cover and service offered. Metrics used in the product review (such as average claim payment) show significant benefit is taken by a customer that needs to claim under an Optima Motorhome policy.

Distribution

Optima Motorhome is sold through intermediaries on several insurance software platforms; a suitable distribution model for a product of this nature. Brokers have the choice to sell the product face-to-face, over the phone, or through websites/aggregators, allowing for the distribution to match the specific requirements of a broker or customer, and help the product reach a wide variety of customers in a way that aligns to the broker’s expertise. The product is not directly marketed as it is sold exclusively through intermediaries.

Remuneration

Given the distribution model of this product, there is a level of remuneration (through commission and fees) taken by the intermediary on every policy. These are clear to the customer, and given they are responsible for any marketing and servicing of the customer and policy, these are in our opinion appropriate and justifiable. 

House Guard (HG) – Value Statement

Summary

Our opinion is that this product offers good value for those customers within the target market and provides them with good outcomes. They will receive a product that will meet the requirements and needs of those looking for a generic ‘mass market’ buildings and contents insurance. We have used an array of live product information on performance, price, distribution, and service to come to this opinion.  

This product has a wide range of customers in its target market. Please refer to House Guard’s target market statement for information on who this product is and is not suitable for.

Cover

In keeping with the needs of this target market, House Guard is a standard risk buildings and contents insurance offering, providing up to £1 million sum insured for buildings and up to £80,000 sum insured for contents. Some other items are included such as cover for homeowners’ legal responsibilities (up to £2 million), accidental damage to home entertainment equipment and valuables cover of up to 30% of the maximum claim amount. Cover is explicit in the policy documentation and transparent to the customer. This allows them to understand how House Guard meets their needs and means they can compare with other products as necessary.

Excesses

Voluntary excess amount can be selected by the policyholder in line with their financial requirements and are used to balance up-front premium costs. Compulsory excesses are set in line with our claims experience, represent an appropriate compromise between cost and value, and are not out of step with similar products offered by Ageas, or others in the market. Excesses are clearly set out in the policy documentation.

Pricing

The average premium is appropriate given the level of cover and service offered. Metrics used in the product review (such as average claim payment) show significant benefit is taken by a customer that needs to claim under a House Guard policy. It is also in line with competitors offering similar products.

Distribution

HG is sold through intermediaries on all the major insurance software platforms, a suitable distribution model for an open-market product with a wide target market. The flexibility to sell face-to-face, over the phone, or through websites/aggregators allows for the distribution to match the specific requirements of a broker or customer, and help the product reach a wide variety of customers looking for standard, buildings and contents insurance The product is not directly marketed as it is sold exclusively through intermediaries.

Remuneration

Given the distribution model of House Guard, there is a level of remuneration (through commission and fees) taken by the intermediary on every policy. These are clear to the customer, and given they are responsible for any marketing and servicing of the customer and policy, these are in our opinion appropriate and justifiable.  

Optima Landlord – Value Statement

Summary

Our opinion is that Optima Landlord is a steadily growing and maturing product that offers good value for those customers within the target market and provides them with good outcomes. They will receive a product that will meet the requirements and needs of those looking for a sum insured landlord policy for a single property within their small property portfolio. We have used an array of live product information on performance, price, distribution, and service to come to this opinion.  

This product has a narrow target market, and will provide the best value to customers meeting certain criteria, and requiring specific cover. Please refer to Optima Landlord’s target market statement for information on who this product is and is not suitable for.

Cover

In keeping with the needs of this target market, Optima Landlord provides mandatory £1million sum insured buildings cover and up to £30,000 for contents. Some other items are also included, such as property owner’s liability up to £2million. An accidental damage option is also available. Cover is explicit in the policy documentation and transparent to the customer. This allows them to understand how Optima Landlord meets their needs and means they can compare with other products as necessary.

 

Excesses

Excesses are set in line with our claims experience, represent an appropriate compromise between cost and value, and are not out of step with similar products in the market. Excesses are clearly set out in the policy documentation.

Pricing

The average premium is appropriate given the level of cover and service offered. Metrics used in the product review (such as average claim payment) show significant benefit is taken by a customer that needs to claim under an Optima Landlord policy. It is also in line with competitors offering similar products.

Distribution

Optima Landlord is sold through intermediaries on the SSP software platform, a suitable distribution model for such a product. The flexibility to sell face-to-face, over the phone, or through websites/aggregators allows for the distribution to match the specific requirements of a broker or customer, and help the product reach a wide number of customers within the target market. The product is not directly marketed as it is sold exclusively through intermediaries.

Remuneration

Given the distribution model of Optima Landlord, there is a level of remuneration (through commission and fees) taken by the intermediary on every policy. These are clear to the customer, and given they are responsible for any marketing and servicing of the customer and policy, these are in our opinion appropriate and justifiable.  

Optima Plus – Value Statement

Summary

Our opinion is that Optima Plus offers good value for those customers within the target market and providing them with good outcomes. The product offers good value, even with the challenges of Covid-19, and associated traffic reductions. Those purchasing Optima Plus will receive a product that will meet the requirements and needs of those looking to cover their higher-end vehicle against generic losses associated with motor insurance. We have used an array of live product information on performance, price, distribution, and service to come to this opinion.

This product has a reasonably narrow target market, offering best value for those between certain ages. Please refer to Optima Plus’s target market statement for information on who this product is and is not suitable for.

Cover

In keeping with the needs of this target market, Optima Plus offers comprehensive cover for the standard perils of accidental damage, malicious damage, fire, and theft. Some other items such as windscreen damage, replacement locks and driving abroad are also included. Cover is explicit in the policy documentation and transparent to the customer. This allows them to understand how Optima Plus meets their needs and means they can compare with other products as necessary.

Excesses

Voluntary excess amount can be selected by the policyholder in line with their financial requirements and are used to balance up-front premium costs. Compulsory excesses are set in line with our claims experience, represent an appropriate compromise between cost and value, and are not out of step with similar products in the market. Excesses are clearly set out in the policy documentation.

Pricing

The average premium throughout the review period remains appropriate given the level of cover and service offered. Metrics used in the product review (such as average claim payment) show significant benefit is taken by a customer that needs to claim under an Optima Plus policy.

Distribution

Optima Plus is sold through intermediaries on most of the major insurance software platforms, a suitable distribution model for a product of this type and target market. The flexibility to sell face-to-face, over the phone, or through websites/aggregators allows for the distribution to match the specific requirements of a broker or customer, and help the product reach a wide variety of customers looking for comprehensive car insurance for their higher-end vehicle. The product is not directly marketed as it is sold exclusively through intermediaries.

Remuneration

Given the distribution model of this product, there is a level of remuneration (through commission and fees) taken by the intermediary on every policy. These are clear to the customer, and given they are responsible for any marketing and servicing of the customer and policy, these are in our opinion appropriate and justifiable. 

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