Home insurance representative example

What is a representative example?

When a firm advertises that they can provide credit, such as the ability to spread home insurance premiums over 12 months, they may sometimes display a representative example. The aim of a representative example is to ensure that important information regarding the cost of credit is shown all together, to help the person considering the credit to decide if it’s right for them before entering into a credit agreement.

The standard information in a representative example includes:

  • rate of interest – a fixed or variable percentage, applied on an annual basis
  • details of any other charge (such as a credit charge) included in the total charge for credit
  • total amount of credit
  • representative APR

When you get a quote from us, you will see these details for your chosen cover and premium, should you choose the ‘pay monthly’ option.

Bank of Scotland Home Insurance Select is underwritten by Lloyds Bank General Insurance Limited. Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628.