Premium Finance Key Facts

Premium finance is a convenient and affordable way to pay for your insurance. You can spread the cost of an annual policy by paying in smaller regular instalments. It can help you budget more effectively.

It is cheaper to pay for your Annual policy in full in one payment, but the option to spread the cost via monthly payments through premium finance, will cost you more.

After you have provided some personal and bank details, we will prepare all the necessary forms and tell you all the details you need to know. These include confirmation of the loan to pay your insurance premium, the amount of your regular repayments and when they will start and finish.

You will also be asked to sign a Credit Agreement which you can do online.

We use Premium Credit Limited (Premium Credit) to provide finance exclusively, who is the lender. Inshur are acting as the credit broker. We may receive a commission for introducing customers to them.

To be eligible, you must be resident in the UK, aged 18 years or over and hold a UK bank or building society account which supports Direct Debit payments. Credit Agreements are subject to repayment capacity and financial status. Lending criteria and terms and conditions apply. It’s important to remember that if you don’t keep up your monthly payments your insurance may be affected.

Monthly Payment via Premium Finance

By choosing to finance the cost of your insurance you’ll need to pay an initial payment (Deposit) via debit or credit card; followed by 11 monthly repayments (via direct debit), this includes a 13% Transaction Fee (Interest), equal to an APR (Annual Percentage Rate) of 28.4%.

If your application for credit is successful, Premium Credit will pay for your insurance premium in full and you will be obliged to repay this credit by monthly Direct Debits. You will also  be required to sign a credit agreement with Premium Credit.

Your personal information and the bank details you provide to us will be passed to Premium Credit and they will contact you via email or text or in writing and send PDF or word documents. 

Credit is subject to status and they may use a credit reference agency that leaves a record of the search or other information about you to carry out credit and anti-money laundering checks. This record will be visible to third parties.

Once set up, if you are happy to proceed with the credit agreement, you must go online and sign the Credit Agreement as soon as possible. 

If you do change your mind you can withdraw from the credit agreement free of charge within 14 days of setting up the credit agreement by contacting us or Premium Credit. Any repayments you have already paid will be refunded to you and you will have to find an alternative way to pay for  your insurance. If you cancel after 14 days, you may have to repay any money owed to Premium Credit.

Direct Debit

We can only set up your Direct Debit instruction with Premium Credit over the phone.

You must hold a UK bank/building society account, and you must be the account holder and be the only person required to authorise debits from this account.

The first collection will come out of your bank account [one month after your insurance inception] Premium Credit will confirm to you the exact date of your first repayment in writing and future collections will be on the same date each month thereafter. If there is a particular day of the month you would like the money to come out of your account, please let us know during initial set up.

All Direct Debits are protected by the Direct Debit guarantee. Details of this guarantee will be provided in the confirmation letter from Premium Credit.


Premium Credit will charge you £5 to change your repayment date after initial set up.

A £10 charge may be incurred if Premium Credit are required to write to you to remind you to sign  your credit agreement.

About Premium Credit Limited

Premium Credit Limited, an independent finance company. 

Since 1988, they have helped millions of businesses and individuals pay for their insurance by spreading the costs over regular instalments, instead of paying the whole premium up front. 

They also provide the finance to pay annual costs such as professional fees, membership subscriptions, commercial service charges and school fees.

Premium Credit Limited, Ermyn House, Ermyn Way, Leatherhead, Surrey, KT22 8UX Registered in England and Wales No 2015200. Are Authorised and regulated by the Financial Conduct Authority. 

They are a member of the Finance and Leasing Association (FLA) and they follow the FLA Lending Code a copy of which is available from them on request.

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