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What Are The Change Fees? ๐Ÿ’ณ
What Are The Change Fees? ๐Ÿ’ณ
James avatar
Written by James
Updated over a week ago

Interested in making a Midterm Adjustment to your insurance policy and curious about the costs involved? A midterm adjustment refers to any modification made to your insurance policy within its active duration, which is after the policy has started but before its expiration date. Let's take a look ๐Ÿ’ก

How Much Will it Cost Me? ๐Ÿ”Ž

For changes made through the online portal, there will be a reduced admin fee of ยฃ40. โ€จโ€จYour premium may increase, decrease or stay the same depending the underwriters risk criteria based on the new details ๐Ÿงฎ

Additional Premium โฌ†

If your insurer evaluates that the changes you've made to your policy place you in a higher risk category, you'll likely experience an increase in your premium. You'll need to pay the difference in premium to continue your coverage ๐Ÿ™‚

Return Premium โฌ‡

If your insurer assesses that the alterations you've made to your policy put you in a lower risk bracket, this will likely result in a decrease in your premium. You can expect to receive a refund for the difference or have your monthly payments adjusted accordingly ๐Ÿฅณ

Stagnant Premium ๏น…

In many cases, your premium will remain the same and you would only be required to pay the admin fee ๐Ÿ˜Œ

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