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Covid-19 Updates

Clients experiencing financial difficulties

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:

  • Re-assessing your demands & needs
  • Reviewing levels of cover
  • Adding or removing optional covers such as legal expenses
  • Adding or removing people on your policy

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:

  • The possibility of deferring payments (refer to FAQ’s)
  • Reduced repayments, or rescheduled term
  • Waiving missed or late payment fees
  • Amending your repayment date without any cost
  • Reducing interest payments

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


Post and paper-based documents

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.


Contact Us

Cardiff 029 2062 6226
Newport 01633 250282
Ystrad Mynach 01443 816099

or

Request a Call Back

 

About Us

Watkin Davies Insurance Consultants are one of Wales’ largest Independent Insurance Brokers, established in 1978 by Roger Watkins. Since this time we have become one of the leading Commercial and Personal Insurance Brokers in the region and the trusted insurance advisor to hundreds of Welsh and UK businesses and individuals.

Head Office

15 & 19 Penlline Road
Cardiff, CF14 2AA
029 2062 6226
Opening Hours
Mon-Fri: 9am to 5.30pm
Sat: 9am to 1pm
Sun: Closed

Official Insurance Partner

Official Insurance Partner of the FAW Trust

Official Insurance Partner of the WSA

Membership & Accreditation

Chwarae Teg FairPlay Employer Award

Member of British Insurance Brokers Association