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  • FIRST POST
    • Stitchylinda
    • By Stitchylinda 10th Jun 17, 1:40 PM
    • 14Posts
    • 5Thanks
    Stitchylinda
    2 car insurances due at the same time
    • #1
    • 10th Jun 17, 1:40 PM
    2 car insurances due at the same time 10th Jun 17 at 1:40 PM
    We both have cars and the insurance renewal dates are within a couple of days of each other.

    Up until now we have been paying by monthly direct debit but the APR has shot up and we could save over £100 by paying annually. However, having both at the same time will lead to a huge dent in our finances.

    Is there any way to move the insurances round so that there are a few months between them or not?
Page 1
    • Quentin
    • By Quentin 10th Jun 17, 1:52 PM
    • 32,726 Posts
    • 16,745 Thanks
    Quentin
    • #2
    • 10th Jun 17, 1:52 PM
    • #2
    • 10th Jun 17, 1:52 PM
    The only way to do this would be to take one car off the road and sorn it for the few months you need.


    A separate solution would be to take out a new credit card (if you can) with a 0% interest offer for the first year. Buy the insurances with it and just pay the minimum amount each month till you can clear it.


    Repeat each year
    • Stitchylinda
    • By Stitchylinda 10th Jun 17, 2:03 PM
    • 14 Posts
    • 5 Thanks
    Stitchylinda
    • #3
    • 10th Jun 17, 2:03 PM
    • #3
    • 10th Jun 17, 2:03 PM
    Thanks, Quentin - we could SORN one car for a month in August but would need to insure it until then so would have to cancel after only one month.

    Do you know if there would be hidden costs in doing this (SORN, re-taxing, early cancellation cost, renewing insurance with same company etc) or penalties?
    • bigadaj
    • By bigadaj 10th Jun 17, 2:06 PM
    • 9,907 Posts
    • 6,322 Thanks
    bigadaj
    • #4
    • 10th Jun 17, 2:06 PM
    • #4
    • 10th Jun 17, 2:06 PM
    Can you get a 0% purchases credit card to pay for the insurance and then pay off in monthly chunks over 12 months?
    • Le_Kirk
    • By Le_Kirk 10th Jun 17, 2:08 PM
    • 2,049 Posts
    • 1,040 Thanks
    Le_Kirk
    • #5
    • 10th Jun 17, 2:08 PM
    • #5
    • 10th Jun 17, 2:08 PM
    Hidden (well not so hidden) would be the loss of one months tax due to only being refunded whole months - unless your tax (VED) comes due at same time as insurance in which case just SORN instead of renewing you VED.
    • Stitchylinda
    • By Stitchylinda 10th Jun 17, 2:08 PM
    • 14 Posts
    • 5 Thanks
    Stitchylinda
    • #6
    • 10th Jun 17, 2:08 PM
    • #6
    • 10th Jun 17, 2:08 PM
    Trouble with a 0% card is we would be back in the same place next year!
    • Quentin
    • By Quentin 10th Jun 17, 2:08 PM
    • 32,726 Posts
    • 16,745 Thanks
    Quentin
    • #7
    • 10th Jun 17, 2:08 PM
    • #7
    • 10th Jun 17, 2:08 PM
    Thanks, Quentin - we could SORN one car for a month in August but would need to insure it until then so would have to cancel after only one month.

    Do you know if there would be hidden costs in doing this (SORN, re-taxing, early cancellation cost, renewing insurance with same company etc) or penalties?
    Originally posted by Stitchylinda

    Yes it would be an expensive option as you would have a hefty cancellation fee if cancelling after a short period on cover.


    If you SORN for complete calendar months there is no tax penalty


    No need to renew with the same company if another is cheaper after the SORN (Though you get no NCD at all for the part year on cover)
    Last edited by Quentin; 10-06-2017 at 2:11 PM.
    • Quentin
    • By Quentin 10th Jun 17, 2:10 PM
    • 32,726 Posts
    • 16,745 Thanks
    Quentin
    • #8
    • 10th Jun 17, 2:10 PM
    • #8
    • 10th Jun 17, 2:10 PM
    Trouble with a 0% card is we would be back in the same place next year!
    Originally posted by Stitchylinda
    Exactly!


    Which is why I suggested you repeat the exercise each year (till you run out of credit cards to apply for!)
    • Tarambor
    • By Tarambor 10th Jun 17, 2:57 PM
    • 1,138 Posts
    • 785 Thanks
    Tarambor
    • #9
    • 10th Jun 17, 2:57 PM
    • #9
    • 10th Jun 17, 2:57 PM
    Trouble with a 0% card is we would be back in the same place next year!
    Originally posted by Stitchylinda
    Only if you're daft enough not to start putting money aside to cover it. It isn't like its an unexpected expense is it? Chances are a 0% card is going to be 0% for more than 12 months so you can make lower payments over a longer period for the up-coming insurance and put money away for the following year.

    At some point you have to start to break the cycle of borrowing money to pay normal household daily living expenses.
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