Date: Tuesday July 12, 2016 at 12:29pm
AFF is delighted with the news of an agreement from the Association of British Insurers (ABI) and the British Insurance Brokers Association (BIBA). After much campaigning, Armed Forces families will now keep their no claims bonus for up to three years and save on cancellation fees if you need to cancel at short notice due to an overseas posting.
Previously, the maximum any insurance company would honour no claims discounts for families posted overseas was two years, meaning families could lose out on discounts that most people take for granted.
Losing their no claims discount left soldiers’ families posted overseas severely out of pocket, paying the full motor insurance as though they had just started driving!
Support from the UK’s biggest insurers and brokers
AFF highlighted this disadvantage and it was discussed recently at Downing Street, when financial services representatives, and Ministers, addressed a range of measures to help recognise the specific needs of Armed Forces families.
A commitment has now been made by the majority of insurance companies that will give flexibility and make insurance fairer for Armed Forces personnel posted overseas.
If you are likely to be posted abroad or know someone who is, you should…
- Check your insurance policy
- Contact your insurer or broker directly
- Provide your insurer with a letter from your soldier’s commanding officer
Find out more
For further information, and to find out which insurance companies have signed up to the agreement, click here.