What happens if I could not afford this month’s premium?
Category : FAQ
You will be given an opportunity to either make a manual payment for the premium you missed by certain date, or the insurer could re-run the missed debit by a certain date. If no payment is received by the specified date, the policy will be suspended until payment has been received. This means that you have no cover until payment for any and all outstanding premium has been received by the insurer.
On a second consecutive missed debit order the policy cancels completely and cover cannot be re-instated. A whole new quote and policy has to be done. This will also lead to you losing your NCB, and this will lead to a higher premium as well.