FAQs - No claims bonuses, excesses or payments
What is the difference between a compulsory and a voluntary excess and how do I know what my excess is?
The excess you have agreed can be found on your policy documents. It is composed of two parts - the compulsory excess which is set by the insurer as the amount you have to pay in the event of a claim, and the voluntary excess which is the amount you agreed to pay on top of that in the event of a claim.
So if you claim for damage to your car, and the insurer had set your compulsory excess as £200 and your voluntary excess is £100, you would have to pay an excess of £300. This could be paid directly to the garage is the car is being repaired or deducted from settlement if the car is a total loss.
Tip: You can choose a voluntary excess to £0, but generally choosing a higher voluntary excess is likely to make your premium cheaper.
How do I protect my no claims discount?
No claims discount protection can be added if you have a minimum of 4 years no claims discount (NCD). This can be added before you buy the policy, and cannot then be added until the next renewal.
If I've been named on another policy, am I entitled to any no claims discount?
No. The no claims discount would be in the name of the policyholder rather than a named driver.
I have been driving a company car. Will you allow me any no claim discount?
Yes - subject to a letter of proof from your employer stating the period of time that you have been driving accident free on their policy.
I have had a few months of cover with my current insurer; can you add those months of cover to build up my no claims discount?
No. Only a complete year will count towards no claims discount.
Can I combine no claims discounts from different policies?
No, you can only use the no claims bonus from one policy. This will be the number of complete years you have been driving claim free, and is usually on the renewal notice from your current insurer. If you declare that you have a no claims bonus then we may ask you for proof of this when you have purchased your policy.
What is Insurance Premium Tax (IPT)?
Insurance Premium Tax is a tax on insurance policies which works in a similar way to VAT in that it's added to the total of any insurance policy purchased. IPT is payable in the UK including Northern Ireland. However, you do not have to pay IPT in the Channel Islands and Isle of Man.
Money has been taken from my account from "FCC re PremFina Ltd" who is this?'
If you have opted to pay monthly a deposit payment would have been taken, when you originally purchased your policy with Holiday Extras Car Insurance. The remaining balance including interest would then be collected across 11 monthly instalments. Holiday Extras Car Insurance are a credit broker that arranges premium finance on behalf of our customers. We do not act as the finance lender. These payments will show on your bank account as "FCC re PremFina Ltd" who are the finance lender.
I have received a direct debit agreement from PremFina Ltd, what should I do next?
It is important that you read through your credit agreement as it contains important information. In your agreement you will see the date your payments will be debited, the amount which will be taken and the final amount payable. You need to sign and return the Credit agreement within 21days from when you receive it, you can do this by using the E-sign link in your PremFina welcome letter or you can either upload it using your secure customer Portal or email it to us on [email protected]
I have defaulted on my direct debit, how can I pay for this?
You can make any outstanding payments by calling PremFina on 020 3500 3462. If your payment defaults PremFina will write to you, to inform you. Please be aware that you will only be able to make this payment once your direct debit shows in default. This can take up to 2 working days from when the payment is attempted. If you default a fee of £27.50 will be applied, if this is not paid within 7 days we will send correspondence that you will be provided with 7 days to make this payment. Failure to make this payment within the given timeframe could result in your finance agreement being cancelled and insurance cover being withdrawn.
How do I amend my direct debit details or change my direct debit date?
Please call PremFina on 020 3500 3462 or email at [email protected]
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Holiday Extras Car Insurance Services is a trading name of Somerset Bridge Insurance Services Ltd who are authorised and regulated by the Financial Conduct Authority (Firm Reference Number 477112). Registered in England and Wales (No. 6334001). Registered office: Lysander House, Catbrain Lane, Cribbs Causeway, Bristol, BS10 7TQ.