Fees & Charges2020-07-28T10:41:20+00:00

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.  With the exception of Premium Finance Fees we require that all fees and charges are paid prior to the request being actioned.

Last Update : 16th April 2020


CANCELLATION

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.  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£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

Breakdown, Gadget, Home Applicance and Home Emergency Products 
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 will be given to policies cancelled within 14 days.  No premiums will be refundable on policies cancelled after the 14 day cancellation period.  If you policy has been taken out on monthly premium finance instalment, no refunds are due and you will be required to settle your premium finance before the cancellation process can be accepted.

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

RENEWAL

Car, Van & Home Insurance (Policies paid annually)
If you choose to opt out or cancel your auto renewing policy here are the fees and charges that will apply. There may be charges applied for Time On Cover.

More than 7 days prior to renewalAdministration Fee£25.00
Less than 7 days prior to renewalAdministration Fee£25.00
After renewal has taken placeAdministration Fee£75.00

Car, Van & Home Insurance (Policies paid on Premium Finance)
If you choose to opt out or cancel your auto renewing policy here are the fees and charges that will apply. 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.  There may be charges applied for Time On Cover.

More than 7 days prior to renewalAdministration Fee£25.00
Less than 7 days prior to renewalAdministration Fee£25.00
After renewal has taken placeAdministration Fee + Finance Cancellation Fee£125.00

Breakdown, Gadget, Home Applicance and Home Emergency Products 
If you choose to opt out or cancel your auto renewing policy here are the fees and charges that will apply.  Once a policy has been renewed and your new policy is in force the Cancellation charges above apply. No refunds will be given on policies renewed, which are cancelled, but have already begun.

More than 7 days prior to renewal£4.99 processing fee£4.99
Less than 7 days prior to renewal£4.99 processing fee + £4.99 contract cancellation fee£9.98

MID-TERM ADJUSTMENT

Car, Van & Home Insurance
If you wish to make a change to a live 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

Breakdown, Gadget, Home Applicance and Home Emergency Products 
If you wish to make a change to a live policy here are the fees and charges that will apply.  Mid-term adjustments include, but not exclusively limited to, change of vehicle, change of driver and change of address.

Mid-Term AdjustmentAdministration Fee£4.99

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 Fee£50.00
Late Payment Fee£30.00

Breakdown, Gadget, Home Applicance and Home Emergency Products 
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 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£4.99