Help Category: Payments

If I have a fee to pay, will it be spread over my monthly instalments?

Yes, if you pay monthly and you are not in the final month of your policy, we will spread the cost of the fee across your remaining instalments. If you are in the final month of your policy you will need to pay the fee in one go by card.

If your policy or renewal start date is on or after 15/09/14, the following fees will apply for making changes to your details:

• £90 if you change your car
• £25 if you change your address, or add/remove a driver to/from your policy

If you make more than one change at the same time you will only have to pay one fee – whichever is the highest.

If your policy or renewal start date is before 15/09/14, there are no fees for changes to your policy details. Only the cancellation fees will apply. These will be subject to Insurance Premium Tax..

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How can I pay for my policy?

You can make a one-off payment by credit or debit card, or pay in monthly instalments via direct debit. You can only pay in monthly instalments if the total cost of your policy is over a certain amount (this can vary), you are at least 18 years of age at the start of the policy and the bank account used for the direct debits is in the same name as the policyholder.

Why do I have to pay for a full year's cover?

All insurethebox policies are for one year, unless your policy is cancelled. We cover you for damage to your car even when not in use, for example if it is damaged or stolen while parked.

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Can I pay by monthly instalments?

You can pay by monthly instalments if the total cost of your policy is over a certain amount (this can vary), you are at least 18 years of age at the start of the policy and the bank account used for the direct debits is in the same name as the policyholder. A 20% deposit is required, followed by 10 monthly instalments.

Your credit facility will be provided by Premium Credit Limited (PCL). If you make a claim and you are paying the premium by monthly instalments, we may require you to pay the outstanding balance before we settle the claim or we may deduct that balance from the settlement of the claim itself.

How do monthly instalments work?

If you do not wish to pay the total cost of your insurance policy upfront, you can spread the cost by paying in smaller regular instalments (with a 20% deposit in the first month). This is handled by a company called Premium Credit Ltd. After you have provided some personal details, they will prepare all the necessary paperwork and post it to you.

This includes confirmation of the loan to pay your fee, the amount of your regular repayments and when they will start and finish. They will also ask you to sign a credit agreement. Once this is done, Premium Credit will pay the total sum of your premium directly to insurethebox. Repayments are then collected from you each month by Direct Debit.

How will I know if my payment schedule is confirmed?

You will receive an email from Premium Credit Ltd which will confirm your payment schedule. If you have not received this please email service@insurethebox.com. You can also register with mypremiumcredit.co.uk which will allow you to view and make amendments to your agreement and make payments.

Who are Premium Credit Ltd (PCL)?

Premium Credit is the No. 1 Insurance Premium Finance Company in the UK and Ireland. When customers do not wish to pay their annual premium upfront, Premium Credit lend the money, which is paid back in monthly instalments.

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Can I pay the monthly instalments from a credit card?

No – you can pay the deposit by credit card, but the monthly instalments must be paid directly from the policyholder’s bank account.

What should I do if I have still not received my refund?

Please speak to an agent on Live Chat via Your Portal.

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Why can I not pay by monthly instalments?

There are a number of reasons why you may not be offered the option to pay by monthly instalments. For example, it could be due to the cost of the annual premium, or due to one or several of the details you have provided, or it could be because the policyholder is under 18 at the policy start date.

If you suspect this is the result of an error, please complete the quote form again. Please note that Premium Credit reserve the right to decline any applicant who does not meet their minimum criteria.