Making payments

1. Is it safe to make a payment on the Coverzones website?
2. What cards can I use?
3. Why is it free to pay my premiums by debit card?
4. Why do I have to pay to use a credit card?
5. Can I pay with my personal credit card?
6. Do you hold my debit/credit card details?
7. I entered my credit card detials and the system crashed. Was payment taken?
8. Can I send you a cheque?
9. What is Premium Finance?
10. Who are Close Brothers Ltd?
11. How are my deposit and monthly premium payments calculated?
12. When are the payments taken?
13. Why did I not get the option of paying by monthly instalments?
14. What are the charges for paying my premiums monthly?
15. Do I get the interest refunded on my monthly payments if I cancel my policy?
16. What happens if I make changes to my policy which alters my premium if I'm paying by monthly instalment?
17. Can I specify when direct debit payments are taken from my account?
18. Do I have to cancel the direct debit myself when I've made all my payments?
19. Should I cancel the direct debit if I cancel my policy?
20. How do I change the bank details on my direct debit?

1. Is it safe to make a payment on the Coverzones website?
The Coverzones website is protected using 128 bit encryption from the moment you start the quote process onwards. In addition to this, the payment process in the site is VeriSign secured (click here to view our certificate).

2. What cards can I use?
You can pay your business insurance premiums using a debit or credit card. Coverzones accepts all major credit cards except American Express.

3. Why is it free to pay my premiums by debit card?
Debit card payments actually cost 17p per transaction but Coverzones has chosen to cover this cost on behalf of its customers.

4. Why do I have to pay to use a credit card?
Credit Cards charge a fixed 1.85% fee on the total value of each transaction made - substantially higher than debit cards. It is not our policy to make money out of credit card transactions. In fact it is our policy to keep our costs down and pass those savings on to our customers. We do however offer our customers the option to pay by credit card but do not think it is fair that those willing to use the most efficient payment method (debit cards) should subsidize those that want to use a credit card.

5. Can I pay with my personal credit card?
Yes, you can. Coverzones accepts all major credit cards except American Express.

6. Do you hold my debit/credit card details?
No. For security purposes none of your payment details are kept on the Coverzones system.

7. I entered my credit card details and the system crashed. Was payment taken?
You can check to see if your policy has been set up in your MyCoverzones account. If your policy has not been set up it will appear under the 'Incomplete' tab of the 'Policies' section.  Please use the link to login to your MyCoverzones account.

8. Can I send you a cheque?
No. As an online business Coverzones is only able to accept online payments by credit or debit cards. This helps us cut down on costs and we can then pass on these savings to our customers in the form of cheaper premiums.

9. What is Premium Finance?
It is a loan arrangement which is used to enable customers to pay their premiums in monthly instalments.  For Coverzones customers this facility is provided by Close Brothers Ltd.

10. Who are Close Brothers Ltd?
Close Brothers Ltd operates and manages the monthly premium instalment facility for Coverzones.  They are part of the largest and most successful independent merchant banking group in the UK. You can find out more about the company here.

11. How are my deposit and monthly premium payments calculated?
The deposit is 25% of the total premium. Interest is then calculated on the remaining 75% of the premium and the total amount payable is then divided into 9 monthly instalments.

12. When are the payments taken?
You pay your deposit by debit/credit card when you decide to buy your policy.   Please note that if you choose to pay your deposit by credit card then you will incur an additional charge.  For more information on credit card charges click here.  Your cover starts either as soon as your deposit is paid or on the start date you have chosen for your policy. The first of nine monthly payments is then made one month after your cover start date.

13. Why did I not get the option of paying by monthly instalments?
The option to pay by monthly instalments is only available on policies costing £300 or more.

14. What are the charges for paying my premiums monthly?
At present, the charge is 6.25%.  The interest rate is 5.25% and Coverzones charge 1% on top of this to cover the cost of setting up the premium financing arrangement with Close Brothers Ltd.

15. Do I get the interest refunded on my monthly payments if I cancel my policy?
Yes.  Close Brothers Ltd. will calculate any refund due when you cancel your policy. Interest will be rebated on a pro-rate basis.  Please note that in common with most financial products, interest is not collected in a 'flat-line manner', but is collected in decreasing amounts over the term of the loan. This means that towards the end of a loan there will be relatively little interest to refund in the event of cancellation.

16. What happens if I make changes to my policy which alters my premium if I'm paying by monthly instalment?
If the change increases your premium then you will have to pay the difference immediately by debit/credit card.  If your premium decreases, Close Brothers Ltd will recalculate your monthly instalments and contact you with details of your new monthly payments.

17. Can I specify when direct debit payments are taken from my account?
No.  Direct Debit payment collection is made in line with the start date of your policy.  The first payment is taken one month after cover starts.

18. Do I have to cancel the direct debit myself when I've made all my payments?
No. The monthly payment option is a 'rolling facility' and can be used for paying future insurance premiums which avoids the need to sign new paperwork. If the direct debit is cancelled, and you wish to renew the policy, a new Direct Debit will have to be set up.

19. Should I cancel the direct debit if I cancel my policy?
That depends. If you wish to take out another policy via Coverzones and pay by monthly instalments then the same direct debit can be used. If you cancel your Direct Debit and then decide to take out a new policy you will need to set up a new Direct Debit for the payments.

20. How do I change the bank details on my direct debit?
Please contact the Close Brothers Customer Service Team on 0870 990 7967 Mon - Fri  9.00am to 5.30pm.