How do I pay for my Home Insurance policy?
When you buy a Home Insurance policy you can choose to pay monthly or annually.
If you pay annually we’ll take the full payment immediately. You can choose to pay from either your Monzo Current Account or Monzo Joint Account.
If you pay monthly we’ll take your first payment immediately from your chosen Monzo Current or Joint Account. After that, all future payments will be taken automatically exactly one month after your policy start date. For example, if your policy starts on 8th May, your next payment would be taken on 8th June.
If a monthly payment fails, we'll try to take it again each day for the next 21 days. If we can't collect payment after 21 days, we'll cancel your policy.
If you pay monthly and decide later on that want to pay from your Monzo Joint Account or from a pot, you can do this by following these instructions:
Go to the insurance section in your app and tap on your active policy
Tap on the cog on the right hand side of the screen
Tap “Pay from” and select your preferred option
Your payment plan (monthly or annual) cannot be changed mid-term.
