Why do I need a credit agreement?

If you prefer to pay your insurance in monthly instalments, then you will require a credit facility to cover the cost for you so that you may pay on a monthly basis. If you have opted to pay your premium by monthly Direct Debit, PCL, the company providing the finance for your policy will send you a credit agreement. PCL require that all pay-monthly customers declare a signed document to confirm that you accept the terms and conditions of your credit agreement. You will therefore need to read, sign and return this credit agreement to PCL Please note that PCL has its own set of terms and conditions in relation to the monthly payment plan and you should therefore familiarise yourself with these when you receive your documents.