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RAC partners with Premium Credit for premium finance

New customers can spread the cost of insurance cover over monthly instalments, rather than having to pay in one annual lump sum, by using Premium Credit’s finance facility

Following a recommendation from Europa Group, the RAC has selected Premium Credit to become its new provider of premium finance in the Telematics (Black Box); Van and Home insurance categories. 

New customers can spread the cost of insurance cover over monthly instalments, rather than having to pay in one annual lump sum, by using Premium Credit’s finance facility. 

Customers can also access the payment service through the RAC’s online portal or through one of the comparison sites. 

Marcus Latchford, head of RAC Insurance, said: “As a leading motoring organisation, the RAC has been at the forefront of developing motoring solutions and a range of complementary services for over 120 years. 

“Providing payment options for customers to pay for insurance cover in monthly instalments is part of this offering. We’re delighted to be partnering with Premium Credit, a market leader in this space. Their technology integrates fully into our own journey ensuring a seamless experience for our customers.” 

He added: “The ability to offer premium finance options consistently, simply and compliantly to our customers through a reliable partner was central to our decision to select Premium Credit.”

Andy Powell, CEO, Europa Group Ltd said: “As the RAC’s chosen administrative partner for the Telematics, Van and Home products, we were delighted to introduce the RAC to our preferred premium finance provider Premium Credit who we have partnered with for over 20 years. We are confident they will bring the support for the programme that the RAC desire.”

Owen Thomas, Premium Credit’s chief sales and marketing officer concluded: “We are extremely pleased to have been recommended by the Europa team and then subsequently chosen by the RAC to provide premium finance to their customers. 

“Our compliant solution, built on leading technology and robust operational processes provides flexibility and convenience. They have entrusted us to be their partner, to deliver to the expectations of the RAC and their customers in a high volume, personal lines market.”

He added: “We’re also able to give their team the visibility they need, from risk selection and pricing, through to account performance enabling them greater control over their business performance. 

“Our strategic investment enables Premium Credit to seamlessly support the RAC brand and deliver against their standards through our state of the art, digitally led, finance facility. We look forward to the partnership continuing for many years to come.”

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