How To Pay Your Insurance Premiums
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How To Pay for Your Insurance Premiums
Managing your household budget from month to month is never easy at the best of times and we realize that having to find a lump sum to pay for your insurance cover may be difficult. That’s why CETA has teamed up with Premium Credit to provide you with the option of paying for your policy over a 12 month period. Based in Epsom, Premium Credit is the UK`s largest provider of insurance premium finance in the UK, processing in excess of 2 million agreements each year. To take advantage of this service all you have to do is complete and return the forms that Premium Credit will send directly to you. Premium Credit will pay the premium required to your insurer on your behalf and through a direct debit drawn on your bank account will reclaim the amount owed through twelve monthly installments. Each month’s payment to Premium Credit will appear on your bank statement enabling you to check that the payments have been made. This flexible solution ensures that you will have the peace of mind of knowing that your home and possessions are insured from the day that you need them to be, while the cost of your cover is spread out over a year. If for some reason you fail to complete the repayment schedule by cancelling your direct debit with Premium Credit, your insurance cover will immediately lapse leaving your home unprotected. CETA and Premium Credit will also be obliged to inform your mortgage lender that your home is no longer insured. Having adequate building insurance in place is a condition of most mortgages. If you cancel your policy with CETA, your lender will automatically transfer you to their insurance product and recoup the premium by adding the cost on to your outstanding loan. Bank and building society insurance policies can be up to 50% more expensive than an equivalent policy bought through CETA. So the best advice we can give you is do no cancel your direct debit unless you really have to because you will end up paying more to your lender for the same cover.
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