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What is the Budget Payment Holiday?

 

The Budget Payment Holiday benefit provides an annual one-month break from paying your car insurance premium. The Budget Payment Holiday benefit is included with our Comprehensive Plus cover.

Budget Comprehensive Plus cover is available to new clients and existing policyholders at an additional cost.

 

Budget Payment Holiday rules

• The Budget Payment holiday is only applicable to cars on the Comprehensive Plus cover.

• If you have another car insured with Budget Insurance and it is not covered by Comprehensive Plus cover then you would not get a Payment Holiday for that car premium.

• This optional Comprehensive Plus cover, including the Budget Payment Holiday, is applicable to Motor Cars only, which means that if you have Non-motor risk items (Home Contents, Buildings and Portable possession cover) on your policy you would still pay for those premiums on the Payment Holiday month.

• In order to qualify for your Budget Payment Holiday in the first year of cover, you must:

• remain claim-free on this car (s) for 11 consecutive months; and

• pay all premiums on this car (s) for the preceding 11 months.

• In order to qualify for your Budget Payment Holiday in the second year of cover and onwards, you must:

• remain claim-free on this car (s) for 12 consecutive months; and

• pay all premiums on this car (s) for the preceding 11 months.

• If you do not qualify for the Budget Payment Holiday, due to the rules above, the Budget Payment Holiday benefit will remain on your policy but will be applied to the following year as per the rules above, e.g. if you are due your Payment Holiday in December 2020, and the rules above are not complied with, you would forfeit your Payment Holiday for December 2020 and then only have your next Payment Holiday available in December 2021 should the rules above be followed.

• In the event that you selected Comprehensive Plus for your car(s), your car(s) will remain on the Comprehensive Plus cover – and the associated Payment Holiday – for the duration of your car’s cover with us.

 

Claims that do not affect your Budget Payment Holiday

• Car stolen (if an approved tracking system or systems were fitted in the car).

• Windscreen chip repairs.

 

Exclusions

 

The Budget Payment Holiday will be active and guaranteed, provided that;

• the insurance cover on the respective car(s) remains active and all premiums are paid;

• cover is uninterrupted for the designated time period before the Payment Holiday; and

• no claims for the respective car(s) are submitted for the designated time where the specific claim type/s are not excluded from affecting your payment holiday as listed above.