Time to read: 5 mins
Defaqto ratings for pet cover explained
Defaqto has given our Prime, Premier & Premier Plus lifetime pet policies a 5 star rating for 2020. This is the first year for our new Prime cover, third year running for Premier cover and the forth year for Premier Plus. Our Champ products which covers pre-existing conditions also received 5 star ratings.
But who is Defaqto and what are star ratings?
Who is Defaqto?
Defaqto is an independent financial information business. Their experts assess financial products based on the most important features when buying products such as car, home, travel or pet insurance. Defaqto has done all the hard work by analysing insurance policies and created an easy and reliable way to compare financial products so that you can make a choice based on quality rather than price alone.
What are the Defaqto star ratings?
Defaqto Star Ratings range from 1 to 5 Stars. A 1 Star Rating indicates a basic policy, with a low level of features and benefits, while a 5 Star policy provides one of the highest quality offerings in the market. Defaqto’s experts score the features of each insurance policy and assign a Star Rating based on the quality and comprehensiveness of the features it offers. It’s important to remember that the ratings are based solely on the quality of the policy.
What does each Defaqto Star Rating mean?
A brief description of the Defaqto Star Ratings are given below – the more stars a policy has the more comprehensive it is.
A very basic policy with minimal features and benefits.
Still a basic policy, but has a slightly more features and benefits than a 1 Star rated policy. It’s still regarded as below average in terms of what it can offer customers.
This policy has an average level of features and benefits.
A policy given this level of stars is indicative of a good quality policy, and contains a wide-range of features and benefits.
This is the maximum number of stars given, and is one of the highest quality offerings on the market with a comprehensive level of features and benefits.
How important is a Defaqto 5 star Rating?
That all depends on what’s important to you for the policy you’re buying, Star Ratings should be used alongside your own research. A Defaqto 5 Star Rating means you’re getting a comprehensive policy with many features and benefits, however, it’s important to choose a policy based on your individual wants, needs and circumstances.
How are the Defaqto Star Ratings calculated?
Each year Defaqto reviews market developments, conducts market research and holds industry discussions to identify the most important features to rate each policy. They use these features to score all the products in the market. By totalling the scores, each product is assigned a Star Rating on a scale from 1 to 5.
When a policy is given a 4 or 5 Star Rating it has to meet certain ‘core criteria’, or compulsory features and benefits. If these aren’t included then the policy would receive a lower Star Rating.