the policy shop insurance help.

fuller89

I've been quoted £1500 for fully comprehensive insurance from the policy shop. Where everyone else has been quoting me over £2500. I've done some research on the fsa, I think everything seems fine, it says on notices that "this company can't hold clients money" what does this mean?
Also has anyone had any dealings with this company.

dacouch

Which Insurer are they quoting you with ?

How much is the TOTAL excess you pay towards an excess

fuller89

I did a search on quotezone
And the policy shop was 3rd cheapest
The excess total was £400.
All I really need to no is weather to trust this company or not

dacouch

It really depends on which Insurer they have quoted you with, some Insurers you need to avoid some are good. Policyshop are a broker so the policy is not covered by them, they act as your broker/ agent.

Not being able to hold client money is one of the regulations FSA apply. Basically unless the broker has a seriously high amount of their own cash in their bank account (Tens of thousands) then they have to keep client money (Premiums) in a separate account and can only in effect that clients money to pay that client's premium to an their Insurer. They cannot us the client's money to pay for anything else. Most small to medium brokers operate this way as like any business they cannot tie huge amounts of their cash flow up in liquid capital.

As I mentioned before, you really need to be more worried as to whether the Insurer they have quoted you with is a good Insurer or a bad Insurer

forgotmyname

Have you checked all the details on the quote?

Right age, Right car, Right postcode, No claims etc etc etc..

Check every detail.