50% off Contents Insurance - FAQs

Please click on each of the questions below to reveal the answer underneath.

1. What exactly is "50% off Contents" and why have Paymentshield introduced this?

   We are aware of various competitors' public marketing messages which your customers will have seen advertised in the media. This "50% off Contents" campaign is our marketing message to help you engage with your customers and sell the benefits of Paymentshield. "50% off Contents" combines our maximum No Claims Discount (NCD) of 30% (5 years) with an additional combined Buildings and Contents Discount. This is a great saving for your customers who have not claimed on contents in the last 5 years or more and want to insure their buildings and contents together on one policy.

2. What if my customer has had a building claim and therefore doesn't have 5 years No Claims Discount (NCD) on their buildings?

   Your customer will still receive 50% off Contents cover, irrespective of their previous buildings claim.

3. Are there any eligibility requirements or restrictions for the customer?

   Your customer must hold the maximum 5 years or more NCD on their current Contents policy and insure their Buildings & Contents together on one policy to receive this discount. The "50% off Contents" is only available on our BestQuote Buildings & Contents product.

4. How is the discount shown on Inertia?

   The "50% off Contents" is calculated automatically in Inertia and built into the Buildings & Contents pricing. Remember that you must quote on a combined Building & Contents policy and your customer must hold 5 years NCD on Contents cover for the discount to be applied.

5. Is this a short term incentive on Inertia?

   No. Our "50% off Contents" discount is factored in to the Paymentshield pricing structure indefinitely.

6. How is the "50% off Contents" calculated?

   "50% off Contents" is calculated by comparing a quote for Contents Only with 0 years NCD, to the contents element of a combined Buildings & Contents quote with 5 year NCD. An example is shown in the calculation below:

   
7. Have premiums increased elsewhere to fund "50% off Contents"?

   While competitors, particularly direct writers, create headline grabbing "Contents Discounts" messages by drastically increasing their buildings premiums, we are able to make minor adjustments to discounts that were already in our rating structure. The example below demonstrates that only minor changes to premiums have been made to support the 50% off contents message.
   

8. Is the "50% off Contents" available on BestQuote only?

   Yes. "50% off Contents" is only available on our BestQuote Buildings & Contents product. As Landlord's do not generally include Contents cover this offer does not apply to Landlords Buildings & Contents.

9. Will "50% off Contents" be maintained in future years or will the Renewal Price increase?

   We review each policy individually to calculate the exact renewal premium and whilst we cannot guarantee that exactly 50% discount will be included at renewal the maximum NCD and combined discount for Buildings and Contents will continue to apply at your customer's renewal date and beyond subject to no claims.

10. What happens if my customer makes a claim?

    "50% off Contents" only applies as long as your customer maintains 5 years Contents NCD. In the event of a Contents claim, the Contents NCD would be adjusted accordingly. However it's important to remember that any Buildings claim will not affect your customer's Contents NCD.

11. What happens if my customer removes either Buildings cover or Contents cover from their combined policy?

    Their NCD will continue to apply, however their combined discount will no longer apply.

12. Does the "50% off Contents" offer affect the Personal Possessions section?

    No. The premium for Personal Possessions cover is calculated separately to the Contents cover as Personal Possessions cover is an Optional Extra.

13. Has the Paymentshield price changed substantially as a result of introducing this offer?

    No as we already offered a 30% discount for 5 years NCD plus a discount for customers who bought combined Buildings & Contents. We have made some modest changes to this combined discount so that you can now offer your customers a full "50% off Contents".

For more information please call our Broker Support Team on:
T: 0845 0615 100
E: brokers@paymentshield.co.uk
Lines are open:
8.00am - 7.00pm, Monday to Friday
8.00am - 1.00pm, Saturday

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