Price Match FAQs

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

1. What is Price Match?

   Price Match enables you to flex the premium on our Buildings & Contents Insurance to help you compete on a like for like basis against a competitor premium where Paymentshield BestQuote is not already competitive. Price Match helps you to not only match the customer's current premium but beat it by £1 per month. In order to be offered a price match quotation the client must meet our Eligibility Requirements which include but is not limited to holding their existing policy for at least 12 months and a maximum annual discount of up to £85 off the initial BestQuote premium.

2. Which products is Price Match available on?

   Price Match is available on BestQuote Buildings & Contents and Landlords Insurance. It can be used on Buildings Only, Contents Only or Combined Buildings & Contents. On Landlord policies we can Price Match Buildings only or Buildings and Contents. Price Match is not available on FreeFirst Buildings & Contents.

3. What does 'Like for Like' mean?

   It means that when using Price Match to offer your customer a quote, the cover levels selected on the Paymentshield policy must be based on the same level of cover as the customer's current policy.

   • Buildings and/or Contents Sum Insured
   • Policy Excess
   • Personal Possessions limits
   • Buildings Accidental Damage (Yes/No)
   • Contents Accidental Damage (Yes/No)
   • Legal Expenses Cover (Yes/No)
   • Home Emergency Cover (Yes/No)

   Remember that Paymentshield offer as standard:

   • £300,000 Reinstatement Cover (£500,000 with Buildings Extra)
   • £40,000 Contents Cover (£60,000 with Contents Extra)
   • Up to £10,000 Personal Possessions Cover (Up to £15,000 with Contents Extra)

   To ensure your quotation is based on like for like cover, you must select the Personal Possessions limit and Policy Excess option that closely matches your customer's current policy. For sum insured you only need to select the BestQuote blanket sum insured that reflects your customer's actual need, which may be £300,000. For the purposes of Price Match this is considered like for like.

   Please note: Many policies include as standard a sum insured significantly above the customer's actual needs so for example a customer may currently have a £1,000,000 building sum insured on their current policy.

4. My customer's current policy provides unlimited Buildings Sum Insured. How can I quote Price Match on a like for like basis in this scenario?

   As long as the Buildings sum insured is sufficient to cover the rebuild cost for the property then the cover Paymentshield provides will be on a like for like basis.

5. Is 'B&C Extra' cover available on Price Match?

   Yes. 'Extra' cover is available for customers requiring a higher sum insured than our standard product.

6. Is there a minimum annual premium for Price Match?

   The minimum premium required for Price Match is £100 plus IPT (Insurance Premium Tax). Inertia will calculate the most competitive premium we can provide.

7. My customer has had a claim in the past 12 months, would you still offer a quote?

   Price Match is only available to customers who have been claim free for the past 12 months. For customers who have claimed in the last 12 months we are still able to offer them a price via our standard BestQuote or FreeFirst product options.

8. If my customer's current policy is with Paymentshield can I still use Price Match?

   No. We are unable to offer Price Match against an existing Paymentshield policy. As part of the application process customers will be asked to provide details of their current insurer and policy number.

9. Can I use Price Match against a competitor's new business quote?

   No. Price Match can only be used when your customer has had a policy with a competitor for at least 12 months. Therefore you cannot Price Match against a competitor's new business premium or quote.

10. Are there any changes to product features and excesses?

    No. Price Match is offered on our standard BestQuote product meaning the cover levels and excesses remain as standard.

11. If my customer lives in a high risk postcode, does Price Match still apply?

    A small number of postcodes are classed as 'high risk' for which Price Match is not available. When producing your quotation, Inertia will confirm if Price Match is available.

12. Do I need to check my customer's current policy?

    Yes. Your customer must provide details of their current insurance provider and their existing policy number. It is important that you ensure the Paymentshield quote is based on like for like cover and meets your customer's needs.

    Please note: You do not need to retain a copy of their current insurance document, but you should advise customers to keep hold of their current documentation as Paymentshield reserve the right to ask them to send their Policy/Renewal/Certificate if required.

13. Is Price Match only available on Inertia?

    Yes. Inertia has been updated to collect additional information that is necessary for Price Match. As a result, only business submitted via Inertia can be Price Matched. This means Price Match is not available for manual/paper applications.

14. How will Price Match affect my commission?

    Your current commission percentage will remain unchanged.

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

This page is intended solely for the attention of Directly Authorised or Exempt Firms as defined by the Financial Services Authority.

Telephone calls may be recorded for security purposes and monitored under our quality control procedures.
© Paymentshield Limited, 2010 - Authorised and regulated by the Financial Services Authority.