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Premium
finance

Supporting Your Clients with a Monthly  Re-payment Option

At Covéa Insurance, we know that the ability to pay monthly can make a real difference. That’s why we offer access to premium finance through Premium Credit Limited (PCL), allowing clients to spread the cost of their cover in a way that suits them.

Covéa Insurance is a credit broker, not a lender — and we only arrange credit through Premium Credit Limited.

On this page, you’ll find useful information about our re-payment option, so you can support your clients with confidence.

How To Apply

Get in touch with us – speak to your Underwriter or our Commercial/Private Client Direct Debit team. You can contact our Direct Debit team by emailing: direct.debits@coveainsurance.co.uk or call us on 0118 925 8803

We’ll send you a document with all the important details about our new premium credit option. Please make sure you share this with your client, so they can decide if monthly repayments is right for them. If they choose to go ahead, the document will include a link to a secure form to complete the application.

Complete the form – it asks for client details including bank information.

We’ll pass it to PCL – they’ll carry out the necessary checks and we may contact you if more information is needed.

Approval and next steps – we’ll let you know within 3 working days if the application is successful.

Customer documents – PCL will send the agreement to your client, who must sign and return it. This can be done online.

  • What’s Changing?
    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.
  • What is Premium Credit Limited (PCL)?
    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).
  • Who arranges the premium finance?
    Covea Insurance plc (Covéa) is the Credit Broker that arranges premium finance for customers only through Premium Credit Limited.
  • What will the interest rates be?
    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
  • Does Covéa receive any commission?
    Yes, Covéa is paid a commission by PCL if your customer takes out a Credit Agreement with them.
  • What happens if your customer decides to pay monthly?
    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.
  • Does this change affect the customer if they pay annually?
    No, this change does not affect anyone who chooses to pay in a single annual payment.
  • Does this change affect the customer’s existing Covéa Credit Agreement?
    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.
  • What if the customer doesn’t sign and return the Credit Agreement?
    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.
  • What are the requirements to apply for credit?
    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.
  • How is the customer’s personal information used?
    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.
  • Can the customer repay early?
    Yes, your customer can make a full or partial repayment at any time under the terms set out in their Credit Agreement.
  • What is the customer’s right to withdraw?
    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.
  • What charges apply under the Credit Agreement?
    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.
  • What happens if a payment is missed?
    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.
  • Can the payment date be changed?
    Yes, the payment date can be moved within the same month for free.
  • What happens if the customer makes changes to their insurance policy?
    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.
  • What happens if PCL cancel the customer’s credit agreement?
    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.
  • Can the customer reapply for credit if they’ve had a previous agreement cancelled by PCL?
    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.
  • How can the customer contact Premium Credit Limited?
    Premium Credit Limited: Write to: Operations Centre, Ermyn House, Ermyn Way, Leatherhead, Surrey, KT22 8UX Tel: 0344 7369836 Website: www.premiumcredit.co.uk
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