Do you need help with your financial circumstances?

We understand that many of our customers may be experiencing financial difficulties and other uncertainties. We are here to try to help our customers through difficult times, so we have a range of different options that may assist you during these times.

You need to tell us if you have more than one insurance policy with us and you want to make changes to more than one policy as the changes that we agree to make to one insurance policy will affect this policy only and will not automatically apply to your other policies.

Please make sure that you have your insurance policy number and details to hand when you contact us.

Option One — Do you need to change the type of insurance cover for your vehicle?

You can change the type of insurance cover that you have. This may help you because it may lower the premium that you have to pay for your policy.

For example:

• You could reduce your vehicle insurance cover from comprehensive insurance to third party, fire and theft only, if that type of cover is available to you.  Each case will be different, but, typically, a change like this may lower your premium; or
• You could reduce your vehicle insurance cover from business use, to social, domestic and pleasure use only. Each case will be different, but, typically, a change like this may also lower your premium; or
• You could change your policy details to reflect your new circumstances — for example, fewer named drivers on your policy should they no longer be required, which may lower your premium.

In some cases, changes to your insurance policy may mean that you are due a refund of the insurance policy premium that you have paid us. Your entitlement to a refund will depend on several things, including whether you have made a claim on the insurance policy, if you have paid the premium in full and how long your insurance policy has left to run.  If you pay for your premium in instalments under a finance agreement and are due a refund of your premium, then we will usually use the refund to lower your remaining monthly premium instalment payments.

If you think that you would like to take up one of the options listed above, please read the section below entitled “important information for option one” before proceeding further.

Important information for option one

You need to be aware that there could be serious consequences if you change the level of your insurance cover, and you need to remember that:

• If you change your vehicle insurance cover from comprehensive to third party, fire and theft only, then it means that the risks covered by your vehicle insurance policy will be very limited. For example, you won’t be covered for any damage to your vehicle unless the damage results from fire or theft. This means that you would not be covered for accidental damage or damage to your vehicle caused by mechanical or electrical breakdown. Please refer to your policy documents and Insurance Product Information Documents (IPIDs) which will provide details of what is insured under the different levels of cover. We can answer any questions you may have about the cover, so you can make a decision about whether it is right for you, but we cannot provide advice or recommendations.
• If you change your vehicle insurance cover from business use to social, domestic and pleasure use only, then it means that if you continue to use your vehicle for commuting to work, or use it for purposes connected with your work or business, then your insurance policy will not cover this activity. This could have very serious consequences for you.
• If you drop certain areas of your insurance policy cover, like breakdown cover or policy excess protection, then you will not have any insurance cover for these risks.
• You should think carefully about what type of insurance you need and you should make sure that you have enough cover under your policy. We can answer any questions you may have about the cover, so you can make a decision about whether it is right for you, but we cannot provide advice or recommendations.

If you would like to proceed with option one then please click on the live chat button below. Please note, however, the change will not take effect until we have confirmed this to you and we have sent out your new policy documents confirming any changes to your policy.

Option Two — Do you need to cancel your insurance policy?

If you think that you will not need your vehicle again, or if you have sold it, then you could cancel your insurance policy. This may help you because it may mean that you are due a refund of the insurance policy premium that you have paid us. Your entitlement to a refund will depend on several things, including whether you have made a claim on the insurance policy, if you have paid the premium in full and how long your insurance policy has left to run. If you pay your premium on monthly instalments any refund of premium will be used to reduce the amount owed under your finance agreement.

• You can ask us to cancel your vehicle insurance policy at any time.
• If you pay your insurance premium by Direct Debit, you will need to get in touch with your bank to stop your Direct Debit.

Important information for option two

Option two will not work for everyone. You need to be aware that there will be serious consequences if you cancel your vehicle insurance policy.

• If you cancel your vehicle insurance policy, then your vehicle won’t have insurance cover at all, unless you get a new insurance policy.
• This means that, unless you get a new policy, you cannot drive the vehicle on the road at all.
• You will need to get in touch with the DVLA as soon as possible and make sure that your vehicle is subject to a ‘Statutory Off Road Notification’ (SORN). The DVLA can tell you how to do this; you can find information about SORNs on their website.
• If you do not apply for a SORN, then you must have insurance for the vehicle; otherwise, you will commit a criminal offence (under s.144A Road Traffic Act 1988).
• If, while your vehicle insurance policy is cancelled, you drive your vehicle on the road or allow anyone else to drive your vehicle on the road, then you will be committing a criminal offence (under s.143 Road Traffic Act 1988).
• If you are found guilty of an offence under the Road Traffic Act, then you will face penalty points on your driving licence and a fine. If this happens, we may refuse to offer you a new insurance policy and you may find it difficult to get insurance cover from other insurers.
• You need to think about whether you can keep your vehicle safe for the period during which your vehicle is without insurance and the vehicle is off road.
• For example, if your vehicle was stolen or caught fire, or was damaged for any reason then you would not have insurance cover at all and you would need to pay for the costs of repair or replacing the vehicle yourself.
• If you cancel your policy mid-term and have not been had a fault or pending claim on your policy, you will lose your ‘No Claims Discount’ that you have earnt for this policy period.

If you would like to proceed with option two, please click here.

Option Three

Missed payments under insurance premium finance agreements and premium pay-as-you-go arrangements

We understand that some of our customers may find it difficult to keep up with payments for their insurance policies, where they have a credit agreement to finance their insurance premium payments.

If you have an insurance premium finance agreement with Granite Finance Limited, (“Granite Finance”) and you are unable to make your payment as per your payment schedule, you can spread the cost of your missed payment over a period of up to three weeks:

Please note, if you have more than one insurance policy and more than one credit agreement with, then you will need to apply and pay separately for each policy where you have missed a payment.

How does this work?

If you need to spread the cost of your missed payment, you can do this over two or three weeks. You will need to choose which option you want to take:

Split your payment over two weeks

• You can spread the missed payment by paying it over two equal weekly instalments.
• If you take this option, the first instalment is due today and the second and final instalment is due in seven days’ time.
• You will need to pay the first instalment online by debit or credit card.
• All subsequent attempts will be taken automatically seven days later from the same debit or credit card you initially made a payment with.
• By taking this payment option, you agree that we can collect payment via Continuous Payment Authority (CPA).
• Please note that if we are unable to collect the second instalment in seven days, we will re-attempt the payment two days later.
• If this payment is unsuccessful, you will be required to make your payment manually within seven days of your initial missed payment notification. This can be done by visiting GF Pay Now.
• If we do not receive payment within the agreed timeframes as per your notification, your policy will be cancelled due to non-payment.
• Please ensure that you notify us of any changes to your email address and that you monitor the email address which you have provided to us regularly to ensure that you do not miss any important communications from us regarding missed payments.

If you want to take this payment option, then please click below:

Split your payment over three weeks

• You can spread the missed payment by paying over three equal weekly instalments.
• If you take this option, the first instalment is due today, the second instalment is due in seven days’ time. The third and final instalment will be due in a further seven days.
• You will need to pay the first instalment online by debit or credit card.
• All subsequent attempts will be taken automatically seven days later from the same debit or credit card you initially made a payment with.
• By taking this payment option, you agree that we can collect payment via Continuous Payment Authority (CPA).
• Please note that if we are unable to collect any subsequent instalment, we will notify you of this and will re-attempt the payment two days later.
• If this payment is unsuccessful, you will be required to make your payment manually within seven days of your initial missed payment notification. This can be done by visiting GF Pay Now.
• If we do not receive payment within the agreed timeframes as per your notification, your policy will be cancelled due to non-payment.
• Please ensure that you notify us of any changes to your email address and that you monitor the email address which you have provided to us regularly to ensure that you do not miss any important communications from us regarding missed payments.

If you want to take this payment option then please click below:

Option Four

Alternative payment options for customers with insurance premium finance agreements

We understand that if your situation has changed, due to unforeseen circumstances, the options listed above may not be suitable to assist.

As an alternative solution, you may be eligible for our payment deferral scheme.

What is a payment deferral scheme?

• The payment deferral scheme allows you to delay payment of your instalment by spreading the payment across all remaining instalments.
• No upfront payment is required; however, future instalments will increase to cover your missed payment.

The payment deferral scheme won’t be suitable for everyone, and will be looked at on case-by-case basis and eligibility criteria applies.

Is a Payment Deferral right for me?

• A payment deferral has been designed to support customers struggling with a short period of financial difficulty.
• Deferring a payment will lead to an increased instalment amount due once your deferral has come to an end.
• The total amount repayable under your agreement will remain unchanged — being accepted for the scheme will not reduce the amount you are required to pay.
• If you are accepted under the scheme and your policy is subsequently cancelled, there may be a shortfall due.

Please note, it is important to remember that a payment deferral is only a temporary solution. The scheme should only be used if you are confident that your financial difficulties are short term and revised payments are affordable and sustainable.

How do I know if I am eligible to be considered for the deferral scheme?

If you want to apply for the payment deferral scheme, you must meet all the following:

• you need to have an existing insurance policy;
• you need to have an existing insurance premium finance agreement with Granite Finance;
• you have made at least one repayment, by direct debit or another payment method, under your insurance premium finance agreement with Granite Finance;
• you need to have at least one remaining instalment due (not including the instalment you are looking at deferring);
• at the time you apply for a payment deferral, you do not think that you can make your payment under your insurance premium finance agreement on the due date and no other options are suitable;
• You are satisfied that your financial difficulties are only short term and the revised increased payments are affordable and sustainable.

If you do think that you are eligible to apply for our payment deferral scheme, then please complete the form using the link below, and we can explore the best options for you. We will reply to your request as soon as possible.

If you feel your financial difficulties are going to be more long term, you may benefit from the other options detailed above. Additionally, you can get free and impartial advice on how to how manage your debts. See the section below referenced ‘other debt help and guidance’ for more information.

Other Debt Help and Guidance

If you are experiencing any financial difficulties, you could get free, non-judgmental and independent help and advice from several organisations, including:

Money Helper’s Debt Advice

Locator Tool: www.moneyhelper.org.uk/debt-advice-locator or contact them on 0800 138 7777.

StepChange Debt Charity

For debt advice throughout the UK phone 0800 138 1111 or visit www.stepchange.org.

Citizens Advice

For advice and information on debt and other topics, visit your local Citizens Advice or go to www.citizensadvice.org.uk.

Financial Conduct Authority

If you have received an arrears notice, help can be found via the FCA website.