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20 April 2020
At NIG, we continue to work hard to ensure our brokers and customers receive the service they need at this time. We have implemented further changes to our systems to provide more flexibility to help you and your clients. Please see additional FAQs, to enable you to respond to your clients' queries.
Can you provide "Laid up" cover for eTraded Mini Fleet policies?
Yes, with effect from 20th April we are now also able to apply "Laid up" cover to our eTraded Mini Fleet policy. Policyholders that declare their vehicle(s) as SORN may request cover to be reduced to Laid up Accidental Damage, Fire & Theft or Laid up Fire & Theft. Alternatively, they may look to remove the vehicle from the policy entirely.
When a vehicle is declared SORN it cannot be parked or driven on the road - as defined within the Road Traffic Acts. The vehicle is also removed from Motor Insurance Database.
The 'Laid-Up' cover should not exceed the existing vehicle damage cover, e.g. if the vehicle is currently Third Party Only, then the vehicle should just be removed. Please send in a copy of the SORN declaration when asking to reduce the cover.
What is the minimum number of vehicles my client can have on an eTrade Mini Fleet policy?
With effect from 20th April we are now able to write down to one vehicle for existing eTrade Mini Fleet policy. Please speak to your usual NIG eTrade contact in Peterborough.
As a direct result of Coronavirus my client cannot afford their monthly premium instalment. What should I do?
If your client is struggling to pay their monthly premium instalments please speak to your usual NIG contact. We will look to provide assistance, which may include a payment deferral. This would mean that when monthly payments resume the amount that has been missed will be spread over the remainder of the agreement. In these instances, NIG will not charge any additional interest or fees on the deferred balance and any agreed payment deferral will not have a negative impact on your client's credit score. This is purely a premium deferral to support your client as a result of the impact of COVID-19 and the payment amount due under the original credit agreement remains. Failure to make these payments could negatively affect your clients credit score and potentially impact their ability to secure credit for a policy in the future. You may like to refer your client to https://www.fca.org.uk/consumers/dealing-financial-difficulties-coronavirus or https://www.businessdebtline.org/ for further advice on dealing with financial difficulties through Coronavirus.
We are receiving lots of different enquiries and are doing all we can to support you and your clients. Please don't hesitate to speak to your usual NIG contact.
Stay safe and look after those around you.