On the 18th May 2020, the Financial Conduct Authority introduced new measures for insurance and premium finance firms to help clients in financial difficulty. Should you be experiencing financial hardship, or if things change at work or home, we may be able to help by:
Where amendments to your insurance cover does not alleviate your payment difficulties, you should contact your finance provider directly as further support may be available, which could potentially include:
It is important that customers do not leave themselves uninsured, so we encourage you to contact us to discuss the options available if you are struggling to afford your payments.
A payment deferral is an arrangement under which a firm permits a customer that pays their insurance premium in instalments to make no payments for a specified period
You should contact your insurer or finance provider direct.
No, nor would the provider or any third party such as broker or debt collector be allowed to cancel the policy or collect payment during the deferral period.
One to three months however, the provider can grant a longer extension should they wish.
The Financial Conduct Authority (FCA) would not expect a customer to be liable to pay any charge or fee in connection with the granting of a payment deferral
