• Direct Debit is an easy way for you to pay your premium.
• Road Runner is a Direct Debit Originator and runs its own scheme.

This is how it works:

• You pay an initial one-off security deposit (25% of the premium) to join the scheme. This security deposit does not go towards paying your premium however it may be used for this purpose in the event of a default in payment.
• This security deposit is refundable if your policy is cancelled or lapsed providing there is no debt outstanding. This security deposit will be held in a custodian account controlled by Fyfe Group Ltd in order to provide complete protection for your money.
• You agree to pay 11 equal monthly instalments directly from your bank account.
• Instalments are interest free (0% APR).
• There are no other charges apart from the normal premium and IPT, however defaulted direct debits will incur a £15 administration charge.

Example:

NB: The first payment will be taken one month after inception of the policy.

What you need to do to join the Road Runner Direct Debit Scheme:

• Complete the Direct Debit Instruction Form.
• Send the completed Direct Debit Instruction Form to us with the 25% security deposit payment within 7 days, of inception or renewal along with any other documentation required.
• Cheques should be made payable to Road Runner Motor Trade Ltd.

Documents:

• We provide cover notes until after 35% of your premium has been collected, at which point we will send the annual certificate.

When it’s time to renew your policy:

• Before your policy runs out, we will write to you confirming the renewal terms based on the information we already hold about you.
• We will always confirm in advance any revisions to future payments.
• We will debit your account with the 1st instalment on or shortly after the renewal date and all subsequent payments will continue on their original due date.
• No further action, regarding the DD, is required by you and the security deposit remains in place.