When is a storm not a storm? When you have insurance from Sheilas Wheels

Annemos

Speaking as a consumer, somehow the actual labelling of the policies should be clear and accurate. Every policy should be clearly labeled: 


Basic, Medium, Premium

I expect that it is impossible to achieve, but I would prefer there to be certain minimum standards for those three levels of policies that all insurance companies and brokers have to adhere too. And that it is clear which one we are buying and receiving. 

(Apologies to all for such a naive suggestion.)


Matching items springs to mind.     None, Partial, Full. 

jimbo6977

Annemos said:

Speaking as a consumer, somehow the actual labelling of the policies should be clear and accurate. Every policy should be clearly labeled: 


Basic, Medium, Premium

I expect that it is impossible to achieve, but I would prefer there to be certain minimum standards for those three levels of policies that all insurance companies and brokers have to adhere too. And that it is clear which one we are buying and receiving. 

(Apologies to all for such a naive suggestion.)


Matching items springs to mind.     None, Partial, Full. 

Unfortunately it would be too simplistic. Take Motor, where there are predominantly 3 levels of cover: TPO / TPFT / Comp and yet there are significant differences between, for instance, TPFT policies offered by different insurers.

Sandtree

Annemos said:

Speaking as a consumer, somehow the actual labelling of the policies should be clear and accurate. Every policy should be clearly labeled: 


Basic, Medium, Premium

I expect that it is impossible to achieve, but I would prefer there to be certain minimum standards for those three levels of policies that all insurance companies and brokers have to adhere too. And that it is clear which one we are buying and receiving. 

(Apologies to all for such a naive suggestion.)


Matching items springs to mind.     None, Partial, Full. 

You already have things like the Defaqto star ratings if you want to get some idea of the quality of the product but there are as many complaints about "service" as there is about coverage but again you are talking about a commodities distress purchase and for those that shop around price is king 

The other issue will be that it becomes like hotel star ratings... some of the best hotels in the world are 4* because they don't have room for a pool for example and there are some fairly rough places that have 5* because they've gone through and made sure they can tick each box... got to offer 24/7 hot food via room service? A supply of Tesco Value microwave meals ticks that box. People however don't appreciate this and assume 5 must be better than 4

Just take this thread, the policy is very clear what a "storm" is so you'd think there is little room for debate but the OP feels that's this is wrong... how many complaints will there be if a policy is officially labelled as "premium" but it doesn't provide students living away from home cover because its not one of the criteria that decides the rankings?

I suspect the regulators wouldn't be too keen given the negative behaviour it could encourage and potentially could stifle innovation, what's the point of inventing the next thing like Named Driver NCD if your policy will still be ranked Medium in quality?

Thrugelmir

Another resource

https://www.metoffice.gov.uk/weather/warnings-and-advice/uk-storm-centre/index