BeMoto branded products are arranged and administered by Edge Brokers (London) Limited ("EBLL" or "we" "us" "our").
When I pay for my policy what am I paying for?
We try very hard to identify exactly what you have paid for. Typically the amount debited from your card will be made of the following and we detail this on the Confirmation of Cover policy document.
- The Premium
This is the money that is passed to your insurers (The Insurance Company) less our commission
- Insurance Premium Tax (IPT)
This is a Government Tax
- Our Admin Fee (for setting up or renewing a policy)
This helps to cover the cost of support staff for you and maintenance of our online systems
- Credit Card Charge
This is a small charge of 2.5% that is ONLY applied to Credit Cards. Debit Cards are FREE
OK, but I thought EBLL was the insurance company?
No. We are just the middle man (the Broker) and the actual contract of insurance is between you and the insurance company.
We do not suffer any financial loss when you have a claim. This is the insurance company's responsibility. EBLL only administer your policy to ensure that at any one time the details of your policy reflects the information you have provided to us. The insurance company receive the majority of The Premium we only receive a percentage by way of "commission".
Our Admin Fee varies based on products and method of purchase (up to £40), it is our own additional charge to your policy when you buy or renew. This is a flat charge that ensures we have enough to cover our costs of servicing your needs such as policy set-up, issuing documents, answering queries, handling claims and keeping your policy up-to-date as well as maintaining our online and back office systems.
Do EBLL charge additional fees if I amend my BeMoto policy?
No, the BeMoto products do not have an amendment fee to make changes to your policy, e.g. name, address or motorcycle (separate fees apply to changing dates or circuits for Track Day Policies), however there is a ‘Fair Use’ Policy for mid-term amendments to ensure we provide a sustainable service that is fair for all our customers. We may notify you at our discretion that any future amendments will be subject to a fee. The fee will never be more than our cancellation fee.
How much are these additional fees and what are they charged for?
Cancellation Fee in the cooling-off period: £20
Cancellation Fee after the cooling-off period: £20
Provide a copy of the information we hold about you: £10
With Track Day policies there is a separate level of fees for changes to Dates / Circuits.
Date Change: £16.95
Circuit Change: £16.95
I have just reduced the sum insured on my policy and been told I have a return of premium but I am being asked to pay more money. Something must be wrong?
It may be that the sum insured has reduced on your policy and you are perfectly entitled to a return of part of The Premium from the insurance company. However as the middleman in all this we have to put aside our time and the costs of staffing to ensure your policy has been updated with your instructions. We don't believe we can reasonably be expected to do this for free. Sometimes it happens that the proportion of any return premium is less than the Admin Fee, so you still end up having to pay something – but you are paying for us to update the details of your policy. Again, the two costs are completely separate. The same logic may apply in the event of a cancellation.
The Admin Fee we charge is NOT part of The Premium. They are two completely different costs to you. Our fees are very modest compared with many organisations so we hope our approach may be appreciated.