Premium
finance

From 1st July 2025, Credit Agreements for all Commercial and Executive Home, policies will be provided through Premium Credit Limited (PCL). Covéa has partnered with PCL to provide a new monthly repayment option.

PCL is a well-established finance provider, working with over 1,600 brokers and supporting 2.8 million customers. They’re authorised and regulated by the FCA (registration number 702718).

Covea Insurance plc (Covéa) is the Credit Broker that arranges premium finance for customers only through Premium Credit Limited.

• Commercial Lines:

  • Regional business: We offer flexible rates so please contact your usual underwriting contact to discuss.

  • eTrade & Volume business: 6% via PCL.

• Private Clients:

  • Executive Home: 6% via PCL.

  • Please note - Executive Plus will remain on 0% interest with Covéa

Yes, Covéa is paid a commission by PCL if your customer takes out a Credit Agreement with them.

If your customer decides to pay monthly, they’ll be entering into a Credit Agreement with PCL. They must sign and return their Credit Agreement, which can be done online.

No, this change does not affect anyone who chooses to pay in a single annual payment.

No, this change does not affect your customer’s existing Covéa Credit Agreement.

If your client wishes to continue paying by monthly repayments after receiving their renewal invitation, you will need to contact us to establish a new agreement through PCL.

If your customer doesn’t sign and return the Credit Agreement, PCL will send a reminder letter and charge a £25 ‘chaser fee’ for doing so.

To apply, your customer must:

• Be aged 18 or over.

• Be a UK resident (England, Wales, Scotland, and Northern Ireland; excluding the Channel Islands such as Jersey and Guernsey).

• Have a bank or building society account that accepts direct debits.

Covéa will submit the application and share your customer’s personal information and bank details with PCL to set up and manage the repayment plan. PCL will use your customer’s personal information to conduct anti-money laundering checks and credit assessments.

Yes, your customer can make a full or partial repayment at any time under the terms set out in their Credit Agreement.

Your customer can withdraw from the Credit Agreement free of charge within 14 days. Any repayments already paid will be refunded to the customer. If your customer cancels after 14 days, they may have to repay any money owed to PCL.

PCL applies a charge for providing credit to finance your customer’s insurance premium. This is shown as the ‘Transaction Fee’ and the amount will be detailed in the customer’s payment schedule together with the APR.

If a payment is missed, a £25 fee will be applied. Non-payment may mean that the Credit Agreement is terminated, and your customer will have to pay any outstanding balance owed. Non-payment may be reported to Credit Reference Agencies, which can adversely affect your customer’s credit rating.

Yes, the payment date can be moved within the same month for free.

Covéa will inform you of any change in premium. Most changes to your customer’s insurance premium can be accommodated within the Credit Agreement, and PCL will send a revised payment schedule up to your customer’s renewal.

PCL typically cancel a customer's agreement after five missed payments.Your customer will be notified by PCL and Covéa will contact you to arrange an alternative payment method to avoid cancelling the policy.

Customers are not necessarily blacklisted from applying for PCL credit permanently. Typically, PCL will conduct a new credit assessment if a customer wishes to reapply. If the customer has improved their credit standing and can demonstrate reliability, they may be considered for a new agreement.

There isn't a universally fixed timeframe for when a customer can reapply, as it largely depends on the individual circumstances and the outcome of the credit assessment.

Premium Credit Limited:

Write to: Operations Centre, Ermyn House, Ermyn Way, Leatherhead, Surrey, KT22 8UX

Tel: 0344 7369836

Website: www.premiumcredit.co.uk