04 September 2017

Another Reason to Pick and Protect With Home Insurance From TSB

The more you cover, the more you save with our £30 multi cover discount

Customers who take out TSB’s Pick and Protect combined buildings and contents insurance will now get a £30 multi-cover discount on their premium. And if a customer bolts on any extras, like cover for their bicycle or gadgets, then customers will also receive a further £5 discount.

This offer, which is available to anyone who gets a quote between 31 August and 31 October 2017, is in addition to all the existing benefits that come with TSB’s Pick and Protect home insurance:

  • TSB’s home insurance is flexible so customers only pay for the cover they want, when they want it – helping to cut out unnecessary or overlapping cover.
  • Customers can add or remove cover when they want, as many times as they want, without being charged any admin fees.
  • TSB does not charge customers extra for paying monthly.
  • A 24/7 claims line is available and customers get their own dedicated claims manager from start to finish if they make a claim.

Customers can apply for TSB’s Pick and Protect home insurance online, in branch or over the phone. The discount will be applied automatically for customers when they get their quote.

Kat Robinson, TSB’s Head of General Insurance, says: “We know that one size doesn’t fit all. That’s why our Pick and Protect home insurance provides customers with the home insurance they want, when they want it.

“As Britain’s challenger bank we’re trying to do something different to help make the home insurance market work in the interest of consumers. We don’t charge cancellation fees on our home insurance products, and TSB’s cancellation fee refund service also ensures that customers aren’t left out of pocket when they switch to us.

“And now, our £30 multi cover discount for building and contents insurance offer, gives people another reason to get a great deal on their home insurance by switching to us.”

TSB’s service to free trapped home insurance customers

TSB refunds customers’ cancellation fees of up to £100 if they switch their home insurance to TSB and are charged by their previous provider for cancelling their old policy. In doing so the Bank is helping to free people who feel trapped by their current home insurance provider and are being penalised just for getting an insurance product that better suits their needs.

TSB knows that people’s lives change throughout the course of the year and their home insurance needs to keep pace with these changes. Whether it’s having some building work done, moving in with a partner or launching a business from home – when things change consumers need to be able to make changes to their existing cover and also be free to shop around to get the best deal for their needs.

In June TSB revealed that seven of the top 10 home insurance providers in the UK charge a cancellation fee, costing around £22 on average. With nearly 21 million home insurance policies thought to be in force in the UK, this unfair practice is potentially costing consumers over £25 million each year1.

Notes to editors

1 TSB internal analysis based on industry data considering home insurance policies in the market, average cancellation fee and proportion of customers who switch their policies.

Multi cover offer Information

  • Offer available to new TSB Pick and Protect home insurance customers.
  • Customers must be 16 or over and resident in England, Scotland, Wales or Northern Ireland.
  • Offer available for quotes take out between 31 August and 31 October 2017.
  • Customers who take out combined buildings and contents insurance will get a £30 multi-cover discount on their premium. Other discounts are available for customers taking out different combinations of insurance cover.
  • Customers must take out the policy within 90 calendar days of the quote, or within 120 calendar days of the quote for TSB mortgage customers.
  • Customers are not eligible for the offer if they amend the quote after 31 October 2017.
  • Existing customers renewing or amending an existing TSB Pick and Protect home insurance policy are not eligible.
  • The special offer discount applies to first year premium only.
  • If a customer cancels their policy during the first 12 months, we will calculate any refund of premium due pro rata based on the discounted premium (including tax).
  • TSB can change or remove this offer at any time. If a customer gets a quote before we change or remove the offer, customers will still be eligible if they take out the policy within 90 calendar days (or 120 calendar days for mortgage customers) of getting the quote.
  • Full terms and conditions are available here: www.tsb.co.uk/MCDTerms

About Pick and Protect

With TSB’s Pick and Protect home insurance, customers only pay for the cover they want, when they want it. Unlike some policies, Pick and Protect home insurance doesn't bundle together lots of cover and ask customers to pay for it, whether they want it or not. It lets customers choose just the cover they need. And customers can add or remove cover when they want, as many times as they want, without an admin fee.

Full details of TSB's Pick and Protect can be found at: http://www.tsb.co.uk/home-insurance/.

Full details of TSB’s Cancellation Fee Refund Service can be found at: http://www.tsbinsuranceswitch.co.uk/.

About TSB

TSB was built to bring more competition to UK banking and ultimately make banking better for all UK consumers. TSB only serves local customers and local businesses, to help fuel local economies, because communities thriving across Britain is a good thing for all of us.

We have a simple, straightforward and transparent banking model and make clear on our website how we operate and make money. We offer the products and services people tell us they want, with none of the funny stuff people normally associate with traditional banks.

Our five million customers appear to notice: TSB is Britain’s most recommended high street bank and was recently identified as one of the top 10 big companies to work for.

For further information about TSB Bank plc, please visit our website www.tsb.co.uk.

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