On the 18th May 2020, the Financial Conduct Authority introduced new measures for insurance and premium finance firms to help clients in financial difficulty. Should you be experiencing financial hardship, or if things change at work or home, we may be able to help by:
Where amendments to your insurance cover does not alleviate your payment difficulties, you should contact your finance provider directly as further support may be available, which could potentially include:
It is important that customers do not leave themselves uninsured, so we encourage you to contact us to discuss the options available if you are struggling to afford your payments during this uncertain time.
Please see our FAQ’s on Payment Deferrals
Q - What is a payment deferral?
A – A payment deferral is an arrangement under which a firm permits a customer that pays their insurance premium in instalments to make no payments for a specified period
Q – How do I apply for a payment deferral?
A – You should contact your insurer or finance provider direct
Q – If I am granted payment deferral, will I be classed as being in arrears on my payments?
A – No, nor would the provider or any third party such as broker or debt collector be allowed to cancel the policy or collect payment during the deferral period
Q – How long can I defer payments?
A – One to three months however, the provider can grant a longer extension should they wish
Q – Will I have to pay a fee?
A – The Financial Conduct Authority (FCA) would not expect a customer to be liable to pay any charge or fee in connection with the granting of a payment deferral
We continue to handle all post (incoming and outgoing), and paper-based documents such as cheques, as quickly and efficiently as possible to ensure they are processed in a timely manner to safeguard policy cover. Should you have any concerns about instructions or cheques you have sent which may not have been processed, or documents you believe you are due from us, please contact us urgently.
Whether you have an insurance related question or not, we would love to hear from you. Get in touch with any of the following methods.
Reach out to us using the form below and someone will get back to you as soon as possible.
1st Floor, 4 Athol Street,
Tel: +44 (0) 1624 693693
Mon-Fri 9am-5pm. Closed bank holidays.
Tel: +44 (0) 1624 693693
Mob: + 44 (0) 7624 456221
Platinum Insurance is the registered business name of Platinum Insurance (Isle of Man) Limited which is registered with the Isle of Man Financial Services Authority as an insurance intermediary in respect of general business. Platinum Life Isle of Man is a trading name of Platinum Insurance (Isle of Man) Ltd. Directors are Mrs Justine Gaisford-Martin and Mr Stuart Gibbons. The registered address of the company is situated at 1st Floor, 4 Athol Street, Douglas, IM1 1LD. See www.platinuminsurance.me for further information.