How to pay for your insurance
PAY LESS FOR SEGUROMO INSURANCE ONLINE
You have two payment options available to pay for your insurance policy:
- Payment in full by Credit/Debit card
- Spread the cost over 9 monthly instalments (subject to a certain criteria)
If you choose to save money now and spread your payments over the year, an initial payment is required by credit or debit card to start the policy, followed by monthly instalments from your bank account. An interest rate will be applied; therefore, this option may cost a little extra, but it can be a lot more convenient.
REGULATIONS ARE CHANGING!
From 2nd January 2018, there will be new regulations coming into effect. These are due to the Central Credit Register [CCR], which is a new centralised system for collecting personal and credit information on loans.
The information collected will help lenders, consumers and the Central Bank in its role of safeguarding stability and protecting consumers. It is mandatory for all money lenders to comply with the Central Credit Register requirements under the Credit Reporting Act 2013.
The Government in Ireland gave a commitment as part of the EU/ IMF Programme of Financial Support, this was to develop a legal framework that would facilitate the collection and centralisation of credit information on borrowers. The CCR will contribute to consumer protection and financial stability by: -
- Providing borrowers with an individual report detailing their credit agreements
- Providing premium financers, such as Close Brothers Premium Finance Ireland (CBPFI) with comprehensive information to support credit assessments
- Providing the CBI with better insights into financial markets and supporting functions of the Central Bank of Ireland
How will this affect me? When you purchase a policy on direct debit you will be required to provide three forms of identity, this will be known as “ID&V – Identity and Verification”. The name outlined on your policy must match your driving licence. The following documents will be accepted as proof of ID&V: -
- Name and DOB: A Valid Driving Licence
- Address: Current Policy Schedule or Original Utility Bill
- Personal Public Service or Tax Number: Payslip, P60, P45, P21, Drugs Payment Scheme Card, Medical Card, GP Visit Card, European Health Insurance Card, Tax Assessment or Notice of Tax Credits.
(to apply for finance, you must prove your identity, therefore, the name outlined on all the above documents must match. If your name has legally changed e.g. marriage and you cannot provide the required documents with matching names, please contact our office before applying for this finance to determine if the direct debit facility is available).
Once we receive your driving licence and PPSN document, with your consent, we will forward it along with your policy schedule to the finance company to complete the request for your ID&V documents.
You will also be required to complete your RACA – Running Account Credit Agreement and return it to our office within the specified time frame. This document can be found on your online portal; however, a paper copy will also be posted to you. You must return the completed RACA to us as soon as possible along with your ID&V documents, otherwise your policy could be cancelled.
From 30th September 2018, in accordance with the Credit Reporting Act 2013, all lenders must undertake an Enquiry process to the Central Credit Register (CCR) for all new or amended credit applications where the combined credit is or exceeds €2,000 inclusive of interest and charges, this includes renewals and mid-term adjustments. This can result in credit applications being declined depending on the result of the Enquiry. To process the Enquiry Close Brothers Premium Finance Ireland [CBPFI] need to verify customer ID including forename, surname, date of birth, residential address and Personal Public Service Number. Failure to promptly return required ID documents will result in the cancellation of your private car insurance.
We're sure you've saved money already by choosing Seguromo.ie but did you know you can save even more by making your payment securely through our website and avoiding telephone charges?
