What does it mean if my premium is ‘Rated’?

If your premium is ‘Rated’ it means that the insurer will insure you only if you accept a higher premium than initially quoted. This means that your personal information as provided in the application form plus perhaps from a medical shows that you represent a higher risk of making a claim. This can occur because when you request a quotation, the insurance company has to assume the following:

• You have no health problems
• Your job does not put undue risk on your health
• Your family does not have a history of hereditary illness
• You do not have any dangerous hobbies
• You don’t often visit countries with known health issues

If the risk of you making a claim is higher than the insurance company initially assumed, then you will either be offered a higher 'rated' premium - or they could even reject your application.

To put this in context, as few as 12% of cases are ‘Rated’, and 88% of customers pay the same amount they were originally quoted.

If you do have any of the above additional risks, you will firstly need to provide more information to the insurance company. Even if they do ask for further information or a medical - it's not definite that you'll be charged paying higher premiums. Many people who are required to provide additional information or attend a medical examination still qualify for the initial premium quoted.