PitStop Motor Trade Insurance

Your Payment Options

You can pay for your policy in a number of ways. The table below explains the options and how these work.

	Payment in full	3 Instalments	6 Instalments	Direct Debit
New policy	You make payment in full at inception. No further payments are due until renewal of the policy.	You make 3 equal payments, over the 1st 3 months, by debit / credit card, or by cheque.	You make an immediate payment equivalent to 25% of the premium and the balance is collected over the next 5 months by debit / credit card, or by cheque.	You make 11 equal payments by direct debit.
Debit/credit cards	Yes	Yes. You provide us with a continuing authority to charge your debit / credit card for the 3 instalments only. No authority is given for any other transactions.	Yes. You provide us with a continuing authority to charge your debit / credit card for the 6 instalments only. No authority is given for any other transactions.	Not applicable
Cheques	We only accept cheques drawn on a Ltd Company bank account.			Not applicable
Renewal - process	We will contact you before your existing policy runs out and advise you of the renewal terms, based on the information we hold. We will advise you in advance of any changes in the premium payable.
Renewal - payment	You make payment in full.	We contact you to discuss your preferred payment option for the new policy period.	We contact you to discuss your preferred payment option for the new policy period.	Unless you ask us to cancel the policy, it will be automatically renewed based on the details advised to you. The existing Direct Debit instruction continues until cancelled.
Policy period	12 months
Holding deposit	Not required	Not required	Not required	You must pay an initial one-off security deposit of 25% of the premium to join the scheme. We must be in receipt of this before your policy can start. This does not go towards paying your premium, but may be used for this purpose in the event of a default in payment. The security deposit is refunded if the policy is cancelled or not renewed and all of the premium due to us has been paid in full. It is held in a custodian account controlled by Fyfe Group Ltd in order to provide complete protection for your money.
Charges	None	None	None	A £15 administration charge will be made in the event of any defaulted payment. No other charges are made.
Documents required	None	None	None	Direct Debit Instruction Form – this must be received within 7 days of inception or renewal if you transfer to our Direct Debit scheme at a later stage.
Certificate	Issued immediately.	Cover notes will be provided initially. A certificate will be issued once all instalments have been paid.	Cover notes will be provided initially. A certificate will be issued once all instalments have been paid.	Cover notes will be provided initially. A certificate will be issued once payments equal to 35% of the total premium due have been collected.

Cheques: All cheques should be made payable to Pitstop Motor Trade.

Please note that if you fail to meet payments due under any of our instalment options, we reserve the right to withdraw the facility and request payment of any outstanding premium in full.

Direct Debit example:

Year 1:
Annual premium (including IPT and policy charge):	£1000
Security deposit:	£250
Monthly payments - £1,000 / 11:	£90.90

Please note that the first payment will be taken approximately one month after inception of the policy.

Year 2 and onwards:
Annual premium (including IPT and policy charge):	£1000
Security deposit:	No further amount required unless your premium has increased.
Monthly payments - £1,000 / 12:	£83.33

The 1st payment will be taken on or shortly after the renewal date / at the same time each month as payments for the previous policy year.

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