Q. Is Insurance Premium Finance Limited (IPFL) an insurance company?
A. No, We arrange the finance which allows you to spread the cost of your payments for your insurance premium.
Insurance cover is arranged by your insurance broker or directly with an insurance company.
Once you have decided to pay by instalments, we pay your insurance broker or insurance company the full amount for the year on your behalf. You then make regular payments to us by instalments in line with your credit agreement.
Q. Can I choose a preferred payment date?
A. No. IPFL will tailor make a payment schedule for you to fit in with the period of your insurance.
Q. Can I combine the payments for more than one insurance premium?
A. Possibly. If you have other insurance policies, you may be able to pay for these under IPFL's instalments plan.
Otherwise, payments for your other policies can still be settled under a separate instalment plan taken out with IPFL.
Q. What if I miss a payment?
A. Missing a payment is known as a 'default'. If this happens, your insurance will be cancelled by us unless you clear your balance immediately after the payment due date.
Q. What happens if I need to cancel my insurance?
A. You should always discuss any action you wish to take with your insurance broker or insurance company. They will tell you if policy cancellation is appropriate for your circumstances.