Fees & Charges2022-09-16T14:44:55+01:00

Fees & Charges

At Nova Direct we want to provide all our customers with complete transparency around the fees and charges we make for certain policy actions.  This document forms part of your policies Terms & Conditions, which is linked to during your policy purchase.  In addition, if you opt to pay your annual premium on a monthly basis, taking out Premium Credit to do so, you are also bound by the Finance Terms. With the exception of Premium Finance Fees we require that all fees and charges are paid prior to the request being actioned.

Last Update : August 2022


CANCELLATION

All annual policies except Car, Home and Van Insurance
If you choose to cancel your policy here are fees and charges that are applied and are charged regardless of the time on cover. A full refund of the premium will be given to policies cancelled within 14 days, providing no claim has been made (regardless of outcome).  No refund is due, pro-rota or otherwise, if cancellation is requested 14 days or more after the policy purchase date.  If you’ve opted to pay your annual premium on a monthly, taking out Premium Finance to do so, and you request cancellation 14 days or more from the date of purchase then you will be required to pay all outstanding Premium Finance amounts prior to completion of cancellation.

Within 14 days of purchaseAdministration Fee£9.98
After 14 days of purchase£4.99 processing fee + £4.99 contract cancellation fee£9.98

All short terms policies (30 days or less in length)
If you choose to cancel your policy here are fees and charges that are applied and are charged regardless of the time on cover. A refund of the premium, minus time on cover, will be given to policies cancelled within 14 days. For example, a policy that costs £10.00 for 5 days cover and is cancelled 2 days after purchase, would result in a £6.00 refund, after the deduction of £4.00 for 2 days cover. No refund is due, pro-rota or otherwise, if cancellation is requested 14 days or more after the policy purchase date.

Within 14 days of purchaseAdministration Fee£9.98
After 14 days of purchase£4.99 processing fee + £4.99 contract cancellation fee£9.98

Car, Van & Home Insurance  (Policies paid annually)
If you choose to cancel your policy here are fees and charges that are applied and are charged regardless of the time on cover. Please note these fees apply as soon as you apply for cover and a either the full amount or deposit amount is taken. In addition to the fees denoted below there may be Time On Cover charges, a charge to cover the period of when you had insurance cover in place. This can only be calculated once you request the cancellation of your policy and are determined by the insurer, not us as the broker. Commission Claw Back is calculated as 15% of the outstanding premium.

Within 14 days of purchaseAdministration Fee£75.00
After 14 days of purchaseAdministration Fee£75.00 + Commission Claw Back

Car, Van & Home Insurance  (Policies paid on Premium Finance)
If you choose to cancel your policy here are fees and charges that are applied and are charged regardless of the time on cover.  The Finance Cancellation Fee is a charge made by the finance provider, Nova Premium Finance Limited, which Policy Excess Insure Ltd (trading as Nova Direct), take on behalf on their behalf.  In addition to the fees denotes below there may be Time On Cover charges which can only be calculated once you request the cancellation of your policy.  These charges are not set out by Nova Direct but by the insurer themselves. Commission Claw Back is calculated as 15% of the outstanding premium.

Within 14 days of purchaseAdministration Fee + Finance Cancellation Fee£125.00
After 14 days of purchaseAdministration Fee + Finance Cancellation Fee£125.00 + Commission Claw Back

RENEWAL

All policies except Car, Home and Van Insurance
Payment for renewal of a policy is attempted up to 7 days prior to the current policies expiry date, to ensure continuation of cover. If you choose to cancel your renewed policy a charge may apply, please see below. No refunds will be given on renewed policies if a claim is pending or has been made, regardless of outcome. Opting out of renewal prior to policy start date is free of charge.  

Prior to the policy start dateAdministration Fee£0.00
After the policy start dateAdministration Fee£9.98

Car, Van & Home Insurance
If you choose to cancel your renewed policy here are the fees and charges that will apply. There may be charges applied for Time On Cover. Opting out of renewal prior to renewal is free of charge.

Prior to the policy start dateAdministration Fee£0.00
After the policy start dateAdministration Fee£75.00

MID-TERM ADJUSTMENT

All policies except Car, Home and Van Insurance
If you wish to make a change to a policy here are the fees and charges that will apply.  Mid-term adjustments include, but not exclusively limited to, change of vehicle, driver, device and address.

Mid-Term AdjustmentAdministration Fee£4.99

Car, Van & Home Insurance
If you wish to make a change to a policy, after validation has occurred, here are the fees and charges that will apply.  In addition to the fees denotes below there maybe an addition charge, issued by the insurer, to cover any increase in risk.  This amount will be quoted to you prior to acceptance of the mid-term adjustment.

Mid-Term AdjustmentAdministration Fee£50.00

PREMIUM FINANCE FEES

Car, Van & Home Insurance
If you choose to pay your annual premium on premium finance, provided by Nova Premium Finance Ltd, then the following fees and charges will apply.

Setup FeeFinance House Administration Fee, including Searches£50.00
Late Payment FeePenalty Fee£30.00

All policies except Car, Home and Van Insurance
If you choose to pay your annual premium on premium finance, provided by Nova Premium Finance Ltd, then the following fees and charges will apply.

Late Payment FeePenalty Fee£4.99

DOCUMENT FEES

All Products
All policy documentation is delivered, by email and completely free of charge, after purchase. You can opt to have your documents posted to you at the cost detailed below. Please note this charge is not refundable.

Postal Documents No charge