What is Premium Financing?
Premium financing lets you pay your insurance premium in monthly installments instead of one lump sum, spreading the cost over the length of your policy term. PICL doesn't finance premiums directly — for this, we partner with Solis Credit, a licensed premium finance company serving Trinidad & Tobago and four other Caribbean markets.
Here's how it works:
- Apply through Solis Credit. You can register for premium financing when you get your PICL quote, or directly through the Solis Credit portal. You'll need to share some financial information, and Solis Credit will check your credit to confirm eligibility.
- Get your financing agreement. If approved, Solis Credit provides an agreement stating the total premium financed, the repayment term (up to 11 months), and the interest rate you'll be charged (advertised as low as 2% per monthly payment, though your actual rate depends on approval).
- Make your payments. New customers typically pay their first and last installment upfront; existing Solis Credit customers may only need their first payment before financing begins. Solis Credit pays your premium to PICL in full, so your cover starts as agreed, and you repay Solis Credit monthly instead of paying PICL the full amount up front.
- Your policy stays active while you pay. As long as payments are kept up, your PICL cover continues as normal. Missed payments can lead to late fees from Solis Credit and, in some cases, Solis Credit requesting that PICL cancel the policy.
Premium financing is a useful option if paying the full premium upfront isn't practical, but it does cost more overall because of the added interest. Weigh that against your own finances before choosing it over a lump-sum payment.
Financing provided by Solis Credit, a licensed premium finance company.
Premium financing calculator
Use this to understand the payment structure before you speak with PICL or Solis Credit.
This is an estimate only, not a binding quote. Final rate, term and payment structure are determined by Solis Credit at approval. Contact Solis Credit or your PICL agent for exact figures.
Premium financing FAQs
What are the benefits of premium financing?
You get an additional source of credit without using up a credit card or bank facility, approval can take minutes, you have up to 11 months to repay, and there are no processing fees or collateral required. You can also choose repayment dates that match your pay schedule.
What do I need to apply?
A valid PICL motor insurance policy, a completed Solis Credit premium financing form, and valid photo ID such as a driver's permit. New customers pay a minimum of two installments (first and last); existing Solis Credit customers pay one.
What happens if I miss a payment?
Late payments can lead to fees and affect your standing with Solis Credit. If payments fall far enough behind, Solis Credit can request that PICL cancel the policy, since the premium financed on your behalf is no longer being repaid.
How do I make my repayments?
Solis Credit offers several options: their online customer portal, a standing order with your bank, direct online banking transfer, or over-the-counter payment at participating banks and bill payment outlets.
Ready to spread the cost?
Start with a PICL motor quote or call head office to talk through your next step.