Help Tag: Payment

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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If the payment for this month has not gone out does that mean my policy has been cancelled?

Please speak to one of our agents on Live Chat via Your Portal. We will check your policy to see if it has been cancelled.

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I need to change the account that my direct debits are taken from. What should I do?

That’s fine, please register with mypremiumcredit.co.uk which will allow you to view and make amendments to your agreement and make payments.

Can I change my payment date?

Yes, but certain conditions apply. Please register with mypremiumcredit.co.uk which will allow you to view and make amendments to your agreement.

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If my payment date is the 31st and there are only 30 days in the month, will the money be taken from my bank account on the 1st?

If a payment is due on a day that doesn’t exist in the month (31st for Feb, Apr, Jun, Sep, Nov and 29th & 30th for Feb), then we’ll collect the payment on the last calendar day of the month.

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If my payment date falls on a weekend will it be taken on the Monday after or the Friday before?

If a payment is due on a weekend or bank holiday then we will collect it on the next working day.

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What should I do if I have changed my bank details?

Please register with mypremiumcredit.co.uk which will allow you to view and make amendments to your agreement and make payments.

Can I pay off the balance after I have started my monthly payments? Is there a fee?

Yes, you can pay off the balance if you have more than one payment remaining. There is no charge, unless you use a credit card in which case there will be a £2.50 charge. Please contact Premium Credit directly. Click here for their contact details.

Are there any late payment fees?

As stated in your Credit Agreement, PCL will charge you £27.50 each time you miss a payment or a Direct Debit is returned from your bank for any reason. Please note that this figure is subject to change.

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