Premium Funding is a separate finance arrangement that allows an insurance premium to be paid by instalments rather than paying the entire amount upfront.

The Premium Funding agreement is separate from the insurance policy.

How does Premium Funding work? #

A Premium Funding provider generally pays the relevant insurance premium and the client repays the funder through agreed instalments.

The repayment period, interest rate, fees and other terms depend on the particular funding agreement.

Does Premium Funding change the insurance policy? #

No.

Premium Funding finances the cost of the insurance.

The insurance policy remains subject to its own:

• Terms.
• Conditions.
• Limits.
• Exclusions.
• Excesses.

Does Premium Funding cost more than paying upfront? #

Usually, yes.

Because Premium Funding is a finance arrangement, the total cost can include:

• Interest.
• Administration or establishment fees.
• Charges associated with failed or missed payments.
• Other fees set out in the funding agreement.

When will Webber Insurance release my Certificate of Currency? #

Where insurance is being paid through Premium Funding, Webber Insurance waits until we have confirmation that the first scheduled deduction has successfully cleared.

Once that confirmation has been received, we can release the Certificate of Currency.

What if I miss a repayment? #

Missed repayments can have consequences under the funding agreement and may ultimately place the insurance policy at risk of cancellation.

See What happens if I fall behind on my Premium Funding payments? for more detail.

What if I cancel the insurance? #

Cancelling the insurance does not automatically cancel the Premium Funding balance.

Any insurer refund may be applied to the amount owing, and an outstanding balance can remain.

See What happens if I cancel insurance that is being Premium Funded? for more detail.

If you are considering Premium Funding, also see What should I check before using Premium Funding? before proceeding.