FAQ — premium finance rates and MTA fees

BG — mid-term adjustment fees

BG charges £25 plus any applicable insurer charge for a private registration change. A change of vehicle, a change of address, or a change of driver each cost £55 from BG, plus any applicable insurer charge.

Insurance Revolution (IREV) — mid-term adjustment fees

Insurance Revolution (IREV) charges £55 plus any applicable insurer charge for a private registration change, a change of vehicle, a change of address, or a change of driver — the same £55 fee applies to all four change types, plus any applicable insurer charge.

Insurance Revolution (IREV) — premium finance interest rates

Close Brothers: 11.20% if the finance is arranged over 10 instalments, or 12.45% if arranged over 11 instalments. Premfina: 14.93%, the same rate for either 10 or 11 instalments.

Why a cooling-off cancellation can still leave a debt

Being within the cooling-off period does not mean a customer can cancel free of charge. They're still charged a cancellation fee (£75), time on cover, and any applicable insurer charges. If the customer is within the cooling-off period, any policy set-up fees are returned in full. If the customer paid a deposit when the policy was set up, these charges are typically deducted from that deposit. If the customer did not pay a deposit, there's no credit to take the charges from — that's normally the reason for a debt when cancelling within the cooling-off period. If the customer did pay a deposit and a debt still calculates, refer to your manager for help.