Broker Highway Car Product Update

Broker Highway Car Product: A Look Ahead

This document outlines a significant upcoming change to the Broker Highway Car product. We understand that timely and clear communication is crucial for our valued brokers and policyholders. Therefore, we are providing comprehensive details regarding the availability of this product for both new business and renewals.

Product Availability: Key Dates and Information

The Broker Highway Car product will cease to be available for new business and renewals effective from 1 January 2025. This means that any new policies under this product cannot be initiated after this date, and existing policies will not be eligible for renewal beyond their current term if that term extends past 31 December 2024.

Run-Off Period and Continued Support

To ensure a smooth transition and continued support for our customers, a 12-month run-off period will be implemented. This period will apply to all policies that were sold on or before 31 December 2024. During this run-off phase, we will continue to fully support all existing customers. This commitment includes handling claims, processing mid-term adjustments, and providing customer service throughout the remainder of their policy term, even if it extends beyond the 1 January 2025 cessation date for new business and renewals.

What This Means for You

For brokers, this change necessitates a review of your product offerings and client portfolios. It is essential to communicate this information clearly to your clients who currently hold or may be considering the Broker Highway Car product. Planning ahead will be key to ensuring your clients are not inconvenienced and can secure appropriate coverage before the 1 January 2025 deadline.

For policyholders, if you have a Broker Highway Car policy, your coverage remains valid until its expiry date, provided it was purchased by 31 December 2024. You will continue to receive the same level of service and support as always. However, if you are approaching your renewal date and it falls after 31 December 2024, your policy will not be renewed under the Broker Highway Car product. We strongly advise you to explore alternative options well in advance of your renewal date to avoid any lapse in cover.

Planning Your Next Steps

We recommend the following actions:

• Brokers: Proactively reach out to your clients who have the Broker Highway Car product. Discuss their upcoming renewal dates and explore alternative products that meet their needs. Familiarise yourselves with the alternative car insurance products available to ensure a seamless transition for your clients.
• Policyholders: Review your current policy documents and note your expiry date. If your expiry date is approaching, especially if it is after 31 December 2024, begin researching and obtaining quotes for alternative car insurance policies. Contact your broker or our customer service team if you have any questions about alternative options.

Frequently Asked Questions

Q1: When exactly does the Broker Highway Car product stop accepting new business?

A1: The Broker Highway Car product will no longer be available for new business applications from 1 January 2025.

Q2: Can I renew my existing Broker Highway Car policy if my renewal date is in 2025?

A2: If your policy was sold on or before 31 December 2024, it will go through a 12-month run-off period. This means your current policy will continue to be supported until its expiry. However, if your policy's expiry date falls after 31 December 2024, it will not be renewed under the Broker Highway Car product. You will need to arrange alternative cover.

Q3: What happens if my policy expires in early 2025?

A3: Your policy will remain active and supported until its expiry date, as long as it was purchased on or before 31 December 2024. After this expiry, you will need to secure a new policy from an alternative provider.

Q4: Will there be any impact on my claims during the run-off period?

A4: No, all existing policies will continue to be supported, including the handling of claims, throughout their respective policy terms during the 12-month run-off period.

Q5: Are there any alternative products available?

A5: We are working to provide information on suitable alternative products. Please refer to communications from your broker or our customer service channels for updates on alternative offerings.

Important Considerations

The decision to cease new business and renewals for the Broker Highway Car product has been made after careful consideration. We are committed to ensuring that our product portfolio continues to evolve to meet the changing needs of the market and our customers. We appreciate your understanding and cooperation during this transition period. Our dedicated teams are available to answer any further questions you may have and to assist you in navigating these changes. Please do not hesitate to reach out to your usual point of contact or our customer support lines.

It is vital to act promptly to secure alternative insurance arrangements if your current Broker Highway Car policy is approaching its renewal date and falls outside the specified purchase window. The insurance market is dynamic, and making informed decisions in advance will safeguard your interests.

We understand that changes like these can raise questions, and we are committed to providing the necessary support. Our goal is to make this transition as seamless as possible for everyone involved. We value your business and look forward to continuing to serve you with our evolving range of products.

The transition period is designed to allow ample time for adjustments. We encourage proactive engagement with your insurance providers to ensure continuity of cover. Your broker plays a pivotal role in guiding you through this process, so maintaining open communication with them is highly recommended.

Ultimately, the cessation of the Broker Highway Car product for new business and renewals is part of a strategic review to better serve the market. We are confident that through clear communication and dedicated support, we can manage this transition effectively.

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