Premium Funding helps spread the cost of your insurance, but it is important to keep repayments up to date. Falling behind on payments can create challenges for your cover and finances, so it’s best to act quickly if issues arise.

Here’s what you need to know:

• Policy at risk of cancellation: If payments remain overdue, the premium funder may request cancellation of your insurance policy, which could leave you temporarily uninsured.
• Extra fees and charges: Missed or dishonoured payments can attract late fees, cancellation fees, or collection costs.
• Credit considerations: Defaults may be reported to credit agencies, which could impact your credit history.
• Reinstatement challenges: If a policy is cancelled due to non-payment, reinstating it can sometimes mean higher premiums, stricter terms, or even needing to apply for a new policy.
• Business flow-on effects: Gaps in cover can cause difficulties with contracts or compliance, particularly if proof of insurance is required for ongoing work.

The most important thing to remember is that we are here to help. If you expect payment difficulties, please contact us early. By letting us know upfront, we can work with the premium funder on your behalf to find a solution and help you keep your insurance active.

Contact us if you would like to discuss your funding arrangements or need support in managing repayments.