What fees do Budget Insurance Charge?
We like to be completely upfront about the fees and charges for our services so you won’t get any nasty surprises later, that’s why we have outlined all fees and charges in the table below.
Our fees are separate to any premium charges applied, for example, if your premium increases because you have changed your car/ van or you have moved home. There are no fees associated with life insurance.
Check out the table below to find out more.
Car and van insurance fees
| Fee Title | Amount | When will I have to pay this? | Why do you charge for this? |
|---|---|---|---|
| Amendment fee | £25.00 | This fee may be payable if you, or we, make certain changes to your policy. | We charge this fee to cover the administration time taken to amend your policy, create new policy documents and notify the relevant third parties. |
| Intermediary Services Fee | £40.00 | This fee is included in the total cost of your policy and applied to all customers taking out a policy with Budget Insurance. Non-refundable after the first 14 days. |
This is a fee which we charge you for the insurance intermediary services we provide in arranging, servicing and renewing your policy under our separate contract with you. This fee does not relate to any of the additional products we may have arranged for you. |
| Failed Payment Fee | £20.00 | If a payment is returned or refused by your bank or building society. | We are required to charge for this due to the administration costs involved with the process of recovering unpaid fees. |
| Cancellation Fee (within 14 days) |
£30.00 | If you cancel your policy within 14 days, you will also be charged for the time that your vehicle has been on cover. | We charge a cancellation fee to cover the administration time taken to cancel your policy and notify the relevant third parties of your request to cancel. |
| Cancellation Fee (after 14 days) |
£60.00 (car) £55.00 (van) |
If you cancel your policy after 14 days, you will also be charged for the time that your vehicle has been on cover and your Intermediary Services fee will be non-refundable. |
Home Insurance Fees
| Fee Title | Amount | When will I have to pay this? | Why do you charge for this? |
|---|---|---|---|
| Amendment fee | £25.00 | This fee may be payable if you, or we, make certain changes to your policy. | We charge this fee to cover the administration time taken to amend your policy, create new policy documents and notify the relevant third parties. |
| Intermediary Services Fee | £20.00 (Buildings Cover) £20.00 (Contents Cover) £40.00 (Buildings & Contents) | This fee is included in the total cost of your policy. Everyone that takes out insurance with Budget Insurance will pay this fee. Non-refundable after the first 14 days. | This is a fee which we charge you for the insurance intermediary services we provide in arranging, servicing and renewing your policy under our separate contract with you. This fee does not relate to any of the additional products we may have arranged for you. |
| Failed Payment Fee | £20.00 | If a payment is returned or refused by your bank or building society. | We are required to charge for this for the administration costs involved with the process of recovering unpaid fees. |
| Cancellation Fee (within 14 days) | £25.00 | If you cancel your policy within 14 days, you will also be charged for the time that your home has been on cover. | We charge a cancellation fee to cover the administration time taken to cancel your policy and notify the relevant third parties of your request to cancel. |
| Cancellation Fee (after 14 days) | £40.00 | If you cancel your policy after 14 days, you will also be charged for the time that your home has been on cover and your Intermediary Services fee will be non-refundable. |