Help Tag: Premium

Why is my annual premium split over 10 payments and a deposit rather than 12 payments?

This is the standard format for direct debit payments. The 20% deposit acts as the first month’s payment. This is then followed by 10 equal payments, one per month. You get a break for the final month.

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Do Premium Credit do credit checks?

Yes – all new Direct Debit applications will be subject to a credit check by Premium Credit Ltd.

Can I pay for my premium with a credit card other than my own?

Yes – it is possible for someone else to pay on your behalf, but only when paying your premium in full. This is not possible for monthly instalments.

If I drive well in my first year will it reduce the cost of my premium?

Once you have been insured with us for a year, we will be able to see various details about your driving style, and you may get a lower premium if you have driven safely. Please be aware the renewal price can also be affected by other changes in circumstances like moving house and changing car.

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Why has my mid-term adjustment made my premium more expensive?

The new price of your premium is based on the information you have provided, including your car, age, occupation, driving experience and where you live. When details about you or your car change, they alter our rating factors and therefore can result in an increase or decrease in premium price.

It may be possible to reduce the price of your annual premium by increasing your voluntary excess. If you would like to do this, or require more information, please contact us via Live Chat.

If I move house will the cost of my premium change?

Your address is one of the most important factors that we use to work out your level of risk, so if you move house, the price of your premium could go up or down.

You must tell us straight away about any changes that may affect your policy so if you do move house please speak to one of our agents on Live Chat via Your Portal so we can process this change on our system and let you know of any premium changes.

Please note: there is a £25 fee if you change the address on your policy. Fees will be subject to Insurance Premium Tax where applicable.

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Why is the insurance premium more expensive than my car?

When you take out an insurance policy you are not just protecting your own car. We also need to consider the potential cost of personal injury and damage to other cars in the event of you being involved in an accident.

The policy is fully comprehensive and includes many benefits such as a telematics box fitted at no extra charge, Accident Alert and theft recovery.

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How do you calculate the price of my premium?

In order to calculate the initial price of your insurance premium, we use a standard set of rating factors to assess risk. These include your car, age, occupation, driving experience, where you live and any past convictions. Once you have been insured with us for a year, we will have a clear picture of your driving from the information collected by the black box and we can base your premium on how you drive.

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Why is the cost of my premium higher than what I was expecting?

The price of your premium is based on the information you have provided, including your car, age, occupation, driving experience, where you live and any past convictions. The policy is fully comprehensive and includes many benefits, such as a black box fitted at no extra charge. If you drive safely you can earn up to 100 Bonus Miles a month and a better price at renewal. It may also be possible to reduce the price of your annual premium by increasing your voluntary excess. 

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