28/07/2006
When considering car insurance, understanding who is behind the policy is crucial. The Post Office, a familiar name on the high street, also offers car insurance policies. But who actually underwrites these policies? This article delves into the specifics of Post Office Car Insurance, exploring its underwriters, cover options, and what you need to know before making a decision.
- Understanding Post Office Car Insurance
- Who Underwrites Post Office Car Insurance?
- Post Office Car Insurance Cover Options
- Tailored Policies: Under 50s vs. Over 50s
- Detailed Cover Comparison
- Understanding Your Excess
- Making a Claim with Post Office Car Insurance
- Pros and Cons of Post Office Car Insurance
- Our Verdict
Understanding Post Office Car Insurance
The Post Office, established in 1984 primarily for postal services, expanded into financial services with the creation of the Post Office Money branch in 2014. Now a significant player in the UK's financial services sector, they aim to provide a comprehensive range of customer needs in one place, at competitive prices. This includes offering tailored car insurance policies, with specific considerations for drivers both under and over 50 years of age.
Who Underwrites Post Office Car Insurance?
Post Office Car Insurance is administered by BISL Limited. BISL Limited works with a panel of reputable underwriters to provide the insurance coverage. While the specific underwriter for your policy will be detailed in your Policy Schedule, some of the well-known names that may underwrite these policies include:
- Ageas Insurance Limited
- Axa Insurance Limited
- Norwich Union (now Aviva)
It is always recommended to check your Policy Schedule for the definitive answer regarding your specific underwriter. This document contains all the essential details of your insurance agreement.
Post Office Car Insurance Cover Options
The Post Office offers three distinct levels of car insurance cover, designed to meet varying needs and budgets:
1. Third Party Cover
This is the most basic level of car insurance legally required on UK roads. If you are involved in an accident where you are at fault, this policy will cover the costs of damage and injuries sustained by the third party involved. However, it will not cover any damage to your own vehicle.
2. Third Party, Fire and Theft Cover
This level of cover provides more protection than basic third party insurance. It includes all the benefits of third party cover, plus it offers compensation for your own vehicle if it is damaged due to fire or if it is stolen. It's important to note that this cover does not extend to damage sustained in a collision.
3. Comprehensive Cover
This is the highest level of cover available from the Post Office. It encompasses third party cover and third party, fire and theft cover. Crucially, comprehensive insurance also provides cover for your own vehicle if it is damaged in an accident, including malicious damage. This is generally the most robust option for complete peace of mind.
Tailored Policies: Under 50s vs. Over 50s
The Post Office has developed specific car insurance options to cater to different age demographics:
Post Office Money's Under 50s Car Insurance
This policy is specifically designed for drivers under the age of 50. Key benefits often include:
- Free breakdown cover for new customers.
- Access to UK-based call centres for support.
- A range of optional extras allowing you to customise your policy to your specific requirements.
Post Office Money's Over 50s Car Insurance
This policy is tailored for drivers aged 50 and over. Benefits may include:
- An uninsured driver promise, offering protection if you're involved in an accident with an uninsured driver.
- Support from UK-based call centres.
- A guarantee to beat your renewal quote by at least £50, providing potential cost savings.
- Optional extras for customisation.
Detailed Cover Comparison
The exact benefits included in each level of cover can vary slightly depending on whether you have an 'under 50s' or 'over 50s' policy. Here's a general breakdown:
| Cover Benefit | Third Party | Third Party, Fire and Theft | Comprehensive |
|---|---|---|---|
| Unlimited cover to third party injuries | ✓ | ✓ | ✓ |
| £20m cover for damage to third party property | ✓ | ✓ | ✓ |
| Any injury caused to a passenger | ✓ | ✓ | ✓ |
| Overseas cover | ✓ | ✓ | ✓ |
| No claims discount | ✓ | ✓ | ✓ |
| Fire and theft cover | – | ✓ | ✓ |
| Motor accessories | – | ✓ | ✓ |
| Accidental damage, including windscreen and window repair | – | – | ✓ |
| New-for-old replacement if vehicle is less than 12 months old | – | ✓ | ✓ |
| Courtesy car | – | – | ✓ |
| Collection, repair and delivery of your car when using recommended repairers | – | ✓ | ✓ |
| Medical expenses | – | – | Up to £200 |
| Personal belongings | – | – | Up to £500 |
| Flood or storm damage | – | – | ✓ |
| Child car seat cover | – | – | Up to £150 |
| Vandalism | – | – | ✓ |
Understanding Your Excess
The 'excess' is the amount of money you contribute towards the cost of a claim. This figure can be influenced by various factors, including your age, the type of car you drive, and your driving experience. Always refer to your Policy Schedule for precise details on your excess amount.
Making a Claim with Post Office Car Insurance
Should you need to make a claim, you can contact the Post Office claims hotline. The number is 0345 073 1005, and the service operates 24 hours a day, seven days a week. Ensure you have your policy number readily available when you call, as this will be necessary to process your claim efficiently.
Pros and Cons of Post Office Car Insurance
Like any insurance product, Post Office Car Insurance has its advantages and disadvantages:
Pros:
- No excess for windscreen replacement and repair: Making a claim for windscreen damage will not affect your No Claims Bonus.
- 3-year guarantee on repairs: When using selected garages, you benefit from a guarantee on vehicle repairs for three years.
- Optional extras: A range of add-ons are available, such as key cover and breakdown cover, allowing for policy customisation.
- 24/7 claims line: The claims line is accessible around the clock for your convenience.
Cons:
- The Post Office's 'under 50s' insurance policy may offer fewer benefits compared to their 'over 50s' policy.
- Policy information may not always be easily accessible.
Our Verdict
The Post Office offers a viable car insurance option, extending its familiar presence beyond postal services and financial products. Their policies provide protection for drivers of all ages, with specific considerations for those under and over 50. The availability of optional extras allows for a degree of personalisation to suit individual needs. However, as with any insurance purchase, it is always prudent to conduct thorough research, compare quotes from various providers, and ensure the policy you choose aligns with your specific circumstances and requirements.
It's important to remember that the offers compared on this page are selected from a range of tracked products and may not represent every product available on the market. Terms like "best" or "top" are not official ratings but highlight product features. When making significant financial decisions, seeking independent financial advice is always recommended. Always consider your personal financial situation to select the most suitable product.
Frequently Asked Questions:
What is the primary underwriter for Post Office Car Insurance?
Post Office Car Insurance is administered by BISL Limited, which works with a panel of underwriters including Ageas Insurance Limited, Axa Insurance Limited, and Norwich Union.
What are the main levels of cover offered?
The main levels of cover are Third Party, Third Party, Fire and Theft, and Comprehensive.
Does Post Office offer different policies for different age groups?
Yes, they offer tailored policies specifically for drivers under 50 and drivers over 50.
Is there any benefit to windscreen cover?
Yes, there is no excess for windscreen replacement and repair, and making a claim for this will not affect your No Claims Bonus.
What is the claims line number?
The claims line number is 0345 073 1005, and it is open 24/7.
If you want to read more articles similar to Post Office Car Insurance: Who Underwrites It?, you can visit the Insurance category.