Interpretation
“We” means AA Ireland Ltd trading as AA Insurance.
“The Insurers” means the Insurance Company with whom you wish to enter into a contract of Car Insurance. This contract is open ended and can be cancelled by you by notifying your Bankers and AAI accordingly.
“The Agreement” means the credit facility whereby the premium together with the annual percentage rate (APR) of 19.5% for renewals and 22.95% for new business (subject to change) which is equivalent to a borrowing rate of 9.2% for renewals and 10.72% for new business and is paid by a deposit at policy inception, followed by 11 monthly installments payable by means of Direct Debit from your bank.” Installment payments will be continued in future years (Roll Over).
Renewal
Provided you continue to pay by installments there will be no need to complete a new credit agreement each year. AAI will notify you each year what your annual premium is and with your consent will continue to apply to your bank monthly. No deposit is payable in year 2, with your first installment due on your renewal date. Your remaining 11 installments will be paid at monthly intervals.
Conditions
- You have instructed us, as your Agents, to arrange a contract of Car Insurance between you and your insurer.
- You wish to pay the premium by Direct Debits under the agreement.
- Payment of the deposit must be made before cover is issued and for first applications, Direct Debits will commence approximately 1 month from Policy Start/Renewal Date. Subsequent years Direct Debits will commence on the renewal date of the policy. Prior to the first payment being taken, we will advise you of the amount of each Direct Debit, and the date your bank account will be debited.
- In the event of your fully completed AA Credit Agreement & SEPA Direct Debit Mandate not being returned to us within 21 days of inception of your policy you authorize us as your agent to instruct the Insurers to terminate your Car insurance cover in respect of which the new AA Credit Agreement & SEPA Direct Debit Mandate has been completed by you. In that event your Insurers shall advise you of termination of cover.
- You consent to AAI making contact by phone if no response is received from our written communications as regard non-receipt by AAI of any monthly Direct Debits.
- If we do not receive any monthly Direct Debit we will represent that Direct Debit approximately 20 days after that Direct Debit originally became due. Unfortunately other payment types such as Cheque, Cash, Credit/Debit Card, Bank Draft or Postal Order cannot be accepted. A €5 unpaid Debit Debit charge may apply and whereso, will be added to the represented Direct Debit.
- If we do not receive payment after representing for any outstanding monthly Direct Debit this will result in the cancellation of your remaining Direct Debits, with the outstanding balance becoming payable on demand.
- In the event of the whole outstanding balance becoming payable and not being received by AAI within 7 days of demand, you irrevocably authorise us as your agent to instruct the Insurers to terminate your Car Insurance cover in respect of which the new AA Credit Agreement & SEPA Direct Debit Mandate has been completed by you. In that event your Insurers shall advise you of termination of cover.
- Cancellation of your Direct Debiting Mandate can be effected at any time by notifying your Bankers and AAI accordingly, and any outstanding Direct Debits will immediately become payable.
- Without prejudicing your general rights of cancellation of the Direct Debit mandate, if the insurance cover is cancelled during the currency of the contract of insurance, any arrears immediately become payable, and must be paid separately.
- Where a midterm adjustment results in a rebate due to you, this rebate will be used to reduce any remaining loan currently outstanding on your policy together with a reduction in the APR rate applied at inception/Roll Over. In the event of any rebate exceeding the current loan, the balance will be refunded to you in the form of a refund cheque. Where a midterm adjustment results in an additional premium owed by you, this additional premium will be added on to your loan together with the APR rate applied at inception/Roll Over.
- In the unfortunate event of your death, any outstanding sum is immediately cancelled and neither your dependents or your estate will be responsible for paying further Direct Debits.
- In the event of a suspension of cover or a claim you must continue paying the Direct Debits throughout the period of Insurance.
- You have the right to withdraw from our Direct Debit agreement without penalty if written notice to this effect is forwarded to AAI within 14 calendar days from the inception/renewal date of your policy. To ensure continued cover, the balance must be paid immediately in full.
- You have the right to repay the balance of your loan early at any time without penalty.
- To avail of the AA Credit Agreement the policy holder must be 18 years or over.