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The Payment for Private Hire Insurance

 
20-May-2011

A variety of payment options

The private hire insurance has been developing a variety of payment options in order to make life easier for customers. In previous periods you had to come through a credit check if you were not paying in cash. Given the anti money laundering legislation it is now advisable that you do not pay in cash for money that is above a certain point. This means that the increase in the payment options is actually helping this industry to grow in different arenas.

Paying outright without any interest

It is possible for you to pay the full amount without worrying about the interest. This is the method that is highly recommended. The problem is that some drivers do not have the money to pay for private hire insurance in one swoop. Even where they have the money, the rationale is that these resources are better used by targeting key aspects of the business instead of just throwing them at the insurance company. The fact that there is plenty of mistrust about the claims process does not help to instill confidence in the client that is waiting for payment.

Monthly installment plans

It is possible for you to pay for the private hire insurance in monthly installments. If you are using this method then you have to realize that the provider can cancel coverage if you fail to pay the money. That means that you need to come up with a direct debit system so that the money will be paid automatically. Moreover you have to treat this as a priority debt when you are setting up your monthly budget. Otherwise you may end up with no coverage and yet you made an application for the insurance policy.

Discounts for good driving records

Before you start making payments on the private hire insurance policy, make sure that you are getting the full discount for a good driving record. Some companies do not inquire about this information or they put out a statement to the effect that the pricing structure is not affected. You need to be proactive by requesting for discount on the basis of your good driving record. Even where your driving was on a private basis, you can still get some discounts. Remind your broker if they have forgotten to make the case to the provider. In fact they are responsible for ensuring that you are covered under the scheme.

Payment options as a marketing tool

The world of private hire insurance is very competitive. It has become a buyer's market and you can therefore afford to request some perks from the provider. Ensure that they offer you flexible payment options or else you can find an alternative provider that is willing to give you concessions on the back of the fact that you are a potential customer that needs to be dealt with as a matter of urgency. These perks are part of the marketing mix for the product that you are trying to get through insurance provision.

 
 
 
Category : Insurance
 
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