policy start date

gimmygimmy

I feel stupid having to ask here, but I'm struggling to find the answer on either of the two Insurer's web sites or anywhere else and this feels like it should be a common question - I'm changing home  insurers after a 30% hike in my premium, the old policy ends in 31/7 - is that the start of the day or the end of the day ? does my new policy need to start from 30/7 or 1/8

Brie

Policy ends on 31/7 so 31/7 is the last day that policy is in force.  If you look at the documents you'll probably find that it will say "policy starts at 00:00 (midnight) 1/8/23 and ends 23:59 31/7/24" or similar

So the new policy needs to start on 1/8/24. 

Annemos

gimmygimmy, you are most certainly not stupid. I don't think I am either, but I have always found the way these are written as rather odd.

Mine by a big Insurer is rather vague. No times are mentioned. One can only really work it out by looking at the start date. 

Your Policy Details

Policy start date: 5 March 2024
Policy end date: 4 March 2025
Renewal date: 5 March 2025

So I take that to mean that it "starts" at just after Midnight on the 5th and "ends" at just before Midnight on the 4th. 

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Things took a strange turn when I had an Insurance Claim. Here is what was written in a letter from the Current insurer to the Previous insurer:   

"The claim was notified on 15/7/2019 which is more than 8 weeks but less than 1 year from the date of inception of the Current policy 05/03/2019."

They then went on to tell the Previous Insurer:    

"We understand that you provided buildings insurance for this home which expired on 05/03/2019. We therefore consider you to be the previous insurer."

I find that rather odd. Maybe it was a typo. I would have thought the old policy had expired on the 4th. But maybe here they have to look at a whole day!? 

DullGreyGuy

Annemos said:

gimmygimmy, you are most certainly not stupid. I don't think I am either, but I have always found the way these are written as rather odd.

Mine by a big Insurer is rather vague. No times are mentioned. One can only really work it out by looking at the start date. 

Your Policy Details

Policy start date: 5 March 2024
Policy end date: 4 March 2025
Renewal date: 5 March 2025

So I take that to mean that it "starts" at just after Midnight on the 5th and "ends" at just before Midnight on the 4th. 

------------------------------------


Things took a strange turn when I had an Insurance Claim. Here is what was written in a letter from the Current insurer to the Previous insurer:   

"The claim was notified on 15/7/2019 which is more than 8 weeks but less than 1 year from the date of inception of the Current policy 05/03/2019."

They then went on to tell the Previous Insurer:    

"We understand that you provided buildings insurance for this home which expired on 05/03/2019. We therefore consider you to be the previous insurer."

I find that rather odd. Maybe it was a typo. I would have thought the old policy had expired on the 4th. But maybe here they have to look at a whole day!? 

On the 4/3 the policy was still active, it expired at the stroke of midnight which is also the same time as the date changed to 5/3. It's also one of the reasons I prefer the 24hr clock with 00:00 for midnight and 12:00 for midday. Some people get confused when you use the 12 hour clock and say 12am if thats midnight or midday (it's the former).

Seems to be a bit of a trend to drop the time and just put the dates these days though possibly to avoid the concern of the theoretical 1 minute or 1 second between the two insurance policies if expiry is written as 23:59

Still all much more sensible than P&I insurance where every mutual (95% of the market) policy ends on 20th February at Midday GMT the world over

BarelySentientAI

DullGreyGuy said:

Still all much more sensible than P&I insurance where every mutual (95% of the market) policy ends on 20th February at Midday GMT the world over

Marine is just odd all over though.