Insurance heavyweight, More Than, has rolled out a new cashback scheme to help loyal customers offset the cost of renewing their insurance
The More Than Rewards scheme is the first of its kind and gives qualifying customers the chance to earn money back on purchases at selected retailers including Apple, Tesco, M&S and Just Eat.
Here we take a look at how the cashback scheme works and if it's worth taking out a policy.
The More Than Rewards cashback scheme allows home, pet and car insurance customers to claim unlimited cashback on purchases at hundreds of high street and household brands.
If you're a More Than customer, you can sign up to the scheme by visiting the More Than Rewards website.
Once registered, you can use the rewards website or app to click through to a retailer's site and earn cashback for your purchases.
In theory, you could earn an unlimited amount of cashback through the scheme as there is no cap on the number of rewards you can accrue.
According to More Than's estimates, however, the average person is expected to earn around £300 in a year using the service.
The table below shows how much cashback you could earn from the following retailers.
|Apple||2%||Mac Book Air: £1,100||£22|
|Travelodge||9.5%||2-night stay in Cornwall: £206||£19.57|
|The Body Shop||4%||Almond Milk & Honey gift set: £30.00||£1.20|
|Holland & Barrett||8%||Cod Liver Oil Capsules: £20||£1.60|
*Cashback rates from More Than Rewards website (correct as of 2/8/2019)
**Products taken from individual retailers and rounded up to the nearest £1 (correct as of 2/8/2019)
You can only unlock the cashback you earn during the year once it's time to renew your policy.
Customers can either choose to put the money towards a new insurance policy with More Than or for it to be transferred into a nominated bank account to be spent elsewhere.
If you decide not to renew your policy with More Than you'll be charged a £35 administration fee to access your cashback.
More Than says that this fee is necessary to u201ccover the cost of the scheme.u201d
The £35 administrative fee is quite hefty though and could put a significant dent in anything you earn if you don't decide to renew with More Than.
Ultimately, incentives like cashback should only be seen as a bonus to any financial product you take out. The most important thing to consider is whether the product is right for you.
With insurance especially, it's vital that you read the terms and conditions of any policy you take out to ensure that you're covered if you ever have to make a claim.
More Than offer a suite of insurance products, and Which? has conducted in-depth research to assess the quality of its cover and how customers rate its service.
Its standard comprehensive car insurance policy sits in the top-10, while its standard contents and buildings insurance policies are average.
There are a number of ways to earn cashback and rewards.
Many of these cards charge an annual fee, but if you regularly spend on your card and repay the balance each month, you could earn hundreds of pounds a year.
Most of these accounts come with a monthly fee so you'll need to weigh up whether you'll earn enough cashback to offset that cost and still benefit from your rewards.
Websites like Quidco and TopCashback offer cashback for a variety of goods and services from mobile phones and car insurance to bank accounts and broadband.