Paymentshield retains high Defaqto rating

Jessica Nangle

February 6, 2020

Paymentshield has retained a five-star Defaqto rating on its home insurance product.

Defaqto select and analyse between 30 and 100 features or benefits for every policy on the market.

Each policy is then scored against those features and assigned a rating based on a scale of one to five.

Paymentshield has held a five-star Defaqto rating since 2013.

Paymentshield recently enhanced its home insurance product to enable customers to claim for accidental damage to mobile phones in the home.

Customers who choose to take the optional accidental damage cover as part of their Home Insurance are now able to claim for accidents that cause damage to their mobile phone while it is in their insured property.

Rob Evans, chief executive at Paymentshield, said: “At Paymentshield, we think it’s really important that customers understand the importance of appropriate cover for their circumstances, rather than purchasing entirely based on price and Defaqto star ratings are a hugely important tool for consumers when comparing financial products.

“There’s so much clever marketing out there to designed programme us how to think when it comes to spending money on things like insurance, and it can be tempting for people to believe that cheaper is better – but this is rarely the case.

“Financial products, just like other product categories, vary wildly in terms of features and benefits and it’s important that clients are reminded of this.

“Bringing Defaqto star ratings into a conversation about insurance or any other financial product presents a huge opportunity to reinforce the value of your advice over price.”

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