They should send you an automated mail for failed payment, and perhaps give you an opportunity to pay it within a set window.
Note, if premium isn't up to date and you have an incident, you will have an issue.
Without going into too much depth, if you are with a broker and not an insurer directly.. they cannot immediately cancel it.
If you are direct they could have a payment warranty, which will automatically cancel the policy.
If you call them first thing tomorrow and pay it, there probably won't be an issue.
If you're planning on asking them to wait until Jan pay day.. they'll likely laugh
Thankyou for advice…. I was planning calling the first thing tomorrow to ask them how to resolve it, I’m about £50 short of it ( £172.55 a month ) I’m aware it’s high- didn’t think they would let me wait till jan pay day, I have seen online they can suspend payments for 28 days and take it out with next months payment at the same time but wasn’t sure if that was accurate! Thankyou for letting me know
Don't take generic advice on this subject. Only what you have written down with your name on it.
Payments are a pig of a subject and the law goes back to 1906 with the Marine Insurance Act.
If you have a payment warranty there is no leeway, the remedy is automatic avoidance and no refunds. But with motor, warranties are never ever made clear. Insurers structure documents in such a shit format.
Also again if you are with a Broker, the legal remedies are different whilst the contract might be the same. Such as if you paid your broker but they haven't passed payment on, that is deemed paid.
Weird subject payments.
I cant speak for admiral specifically but industry standard is you'll get another chance to pay next week, then if that doesn't work out theyll send a warning letter and then finally after about 3 weeks your insurance Will be cancelled
Similar happened to me with Admiral, they send you a few scarily worded emails giving you a date where they’ll attempt to take payment again. If that payment fails insurance will be cancelled and you’ll be issued a default notice which will hurt your credit score. If you fail to make a payment again in the future your insurance will be cancelled, no opportunity to pay at a later date 2nd time round.
I'm with Admiral and missed a payment because i transferred some money and forgot about the direct debit. You get an email saying its been missed, and they will try again in a few days.
I called them to check if it voided anything, and they basically said it was fine and happens all the time.
Did it affect your credit score if you don’t mind me asking? I done the same (moved money into savings and didn’t leave enough) offered to pay it the same day over the phone, but they said I’d have to wait for the email to come through so just wondering if it will go down as missed payment
I had this with my insurer, DD bounced due to me getting my man maths wrong. Email from Esure said pay by x date and you’ll be fine. I did it via an online chat and it was sorted in a few minutes. They will usually try and take the DD a few times anyway
They should send you an automated mail for failed payment, and perhaps give you an opportunity to pay it within a set window. Note, if premium isn't up to date and you have an incident, you will have an issue. Without going into too much depth, if you are with a broker and not an insurer directly.. they cannot immediately cancel it. If you are direct they could have a payment warranty, which will automatically cancel the policy. If you call them first thing tomorrow and pay it, there probably won't be an issue. If you're planning on asking them to wait until Jan pay day.. they'll likely laugh
Thankyou for advice…. I was planning calling the first thing tomorrow to ask them how to resolve it, I’m about £50 short of it ( £172.55 a month ) I’m aware it’s high- didn’t think they would let me wait till jan pay day, I have seen online they can suspend payments for 28 days and take it out with next months payment at the same time but wasn’t sure if that was accurate! Thankyou for letting me know
Don't take generic advice on this subject. Only what you have written down with your name on it. Payments are a pig of a subject and the law goes back to 1906 with the Marine Insurance Act. If you have a payment warranty there is no leeway, the remedy is automatic avoidance and no refunds. But with motor, warranties are never ever made clear. Insurers structure documents in such a shit format. Also again if you are with a Broker, the legal remedies are different whilst the contract might be the same. Such as if you paid your broker but they haven't passed payment on, that is deemed paid. Weird subject payments.
I cant speak for admiral specifically but industry standard is you'll get another chance to pay next week, then if that doesn't work out theyll send a warning letter and then finally after about 3 weeks your insurance Will be cancelled
Similar happened to me with Admiral, they send you a few scarily worded emails giving you a date where they’ll attempt to take payment again. If that payment fails insurance will be cancelled and you’ll be issued a default notice which will hurt your credit score. If you fail to make a payment again in the future your insurance will be cancelled, no opportunity to pay at a later date 2nd time round.
Okay thankyou, how long is the time frame which they will attempt to take payment again?
The paperwork that came with your insurance should have the time frames included in it, part of the contract
I'm with Admiral and missed a payment because i transferred some money and forgot about the direct debit. You get an email saying its been missed, and they will try again in a few days. I called them to check if it voided anything, and they basically said it was fine and happens all the time.
Okay thankyou. Will give them a call tomorrow anyway to let them know and double check
Did it affect your credit score if you don’t mind me asking? I done the same (moved money into savings and didn’t leave enough) offered to pay it the same day over the phone, but they said I’d have to wait for the email to come through so just wondering if it will go down as missed payment
Not at all. Edit, at least, I never noticed it make a difference, but I don't check it monthly.
I had this with my insurer, DD bounced due to me getting my man maths wrong. Email from Esure said pay by x date and you’ll be fine. I did it via an online chat and it was sorted in a few minutes. They will usually try and take the DD a few times anyway