Agency

How the plan works

Your customers’ premium can be divided into 12, 6, or 4 instalments, spread over a 12 month period. This is subject to the credit agreement being set up on the first day commencing cover.

To start the agreement customers are required to pay a deposit, a minimum of 10% of the total premium for a 12 month period, 20% of the total premium for bi-monthly and 25% of the total premium for quarterly instalments. This deposit can be collected by Direct Debit, Cheque or Credit Card.

There is an 8% service charge added to the premium for paying by instalments.

Note: To be eligible, customers must be over 18 years of age and have a current account with a clearing bank, or building society. If the agreement is set up late then the 1st Direct Debit will include any missed instalments.

Which policies are eligible for instalments?

• Most Allianz annual renewable policies are eligible including both personal and business, however if you also have commercial or engineering business we will need to set up separate instalment plans.
• You can include any number of policies under the same premium instalment plan, provided that they are for 12 months and the effective dates are the same.

How to set up

• We require the appropriate deposit and the correct application (individual or business) completed, with all mandatory fields (marked with a *) completed and accompanied by the Direct Debit instruction.
• The agreement can be set up by the policy holder or in a third party.
• Reasons behind any third party applications must be disclosed.
• If an Employer is paying, the Business Application Form and Direct Debit Mandate must be completed by an authorised signatory of the company’s bank account.

Please ensure that the whole Premium Instalment Application and Direct Debit mandate is completed, signed and dated by the person applying for our credit facility.

• Once we have completed our checks and the application has been accepted onto our instalment plan, your client will receive a credit agreement confirming their repayment plan.
• If the instalments change mid-term your will client receive a modified agreement which will show the revised direct debit payments before the amended instalment is collected.

1. Renewals

The instalment plan will automatically continue at renewal and a new Credit Agreement will be issued to your client and we will continue to collect the premiums by direct debit unless we are informed otherwise.

2. Cancellations

Please contact us immediately if you are made aware that your client wishes to cancel their Instalment Plan.

In the event of a policy cancellation the instalments paid by your client will normally be sufficient to cover the cost of the insurance up to that date, however due to mid term adjustments this may not always be the case.

If a claim should occur the full outstanding balance up to the renewal date will be required to be settled.

3. Late application

For any application that is submitted after the start date of the policy the deposit needs to be adjusted accordingly and must include payment for the period of cover the client has already received.

If the deposit cheque does not take this into account any shortfall in payment will be collected with the 1st Direct Debit Collection.

 4. Credit checking

All applications will be subject to a credit agency check, acceptance is at the company’s discretion and Allianz reserves the right to decide eligibility to this facility. If an application is declined, you remain responsible for premium collection and it must be settled within the credit terms of your Terms of Business Agreement.

5. Declined agreements

An agreement will be declined if the customer’s deposit is dishonoured, or if the customer cancels their direct debit before the first payment is taken.

If an application is declined you remain responsible for premium collection and it must be settled within the credit terms of your Terms of Business Agreement.

6. Extra collections

If there is a premium amount outstanding after the final direct debit has been collected we will notify the agreement holder in writing confirming details.

If their direct debit is current we will arrange an adhoc collection to clear the amount in full which will be taken 7 days after the letter is issued, however if the direct debit is cancelled then we will write to the agreement holder requesting payment for the outstanding premium in full.

7. Payment collection date

The agreement holder can specify a payment collection date by stipulating this on the Premium Instalment Application Form.