Can I Pay Over Instalments?

At Think Insurance we understand that for many businesses, whether they are small, independent Motor Traders or large dealerships, a Motor Trade insurance policy can be a significant expense and so having the option of spreading the costs across a number of payments or monthly instalments can be very useful, and this is one of the reasons we offer this facility.

For some smaller motor traders, particularly new businesses, they might not have the money to pay it all upfront, but spreading it over instalments could ease the cash flow and help the business get off the ground.

You may not have originally planned to pay for your Trade Car insurance premium in instalments, but after speaking to a member of our expert Motor Trade insurance team, you might find that your Trader insurance policy is a lot more complex than you initially thought, and you may not have budgeted for some of the Motor Trade insurance add-ons that you might need such as Stock of Vehicles cover or Employers’ Liability protection.

There are many other reasons why you may want to pay in instalments, for instance, as your Motor Trader insurance policy is such a crucial aspect of your business it may have been one of the first things you took out when you started your business, and so the timing of your renewal might coincide with a number of other costs or fees associated with your business. Therefore, spreading the payment could prove helpful in this situation.

Another reason for spreading the cost could be the seasonal nature of the motor trade. Some months are notorious amongst motor traders for being quieter and generating a lack of business, and so you might find paying out for your Vehicle Sales insurance premium all in one go, hard to stomach. Monthly instalments can help you to plan your outgoings so you know where you are each month.

We offer a few options for paying off your Motor Trade insurance premium, if you decide you can’t, or don’t, want to pay it all upfront. With a Think Insurance Motor Trade insurance policy you may be able to spread payment over 10 easy monthly Direct Debit payments.

Or, if you don’t want to pay by Direct Debit but you don’t have the money to pay it all in one go, we offer some customers the opportunity to pay half of your premium up front, and the second half can be deferred for 30 days. This option is interest free and allows you to get your insurance premium paid and out of the way, but doesn’t mean you have to fund it all in one go, up front.

Please note, any payment option such as Direct Debit, where the payments are spread over a period of time and not upfront, will incur an interest charge, and failure to keep up your payments may result in the cancellation of your policy. For full details of the payment options we offer and the associated costs, please speak to one of our team on 0800 221 8077.