Admiral Multi-Car Policy - Beware of Direct Debit Costs

JamesK_3

Hi All,

The insurance for my car is up for renewal and I've been doing the usual trawl of the internet to find cheaper quotes. While looking at Admiral's website I noticed they had a 'Multi Car' quotation system which offers you big savings.

Out of interest I decided to try it, and was quoted on my car, the missus car and a 3rd car we have in the household. The total cost to insure all three cars came out at £712 which is a very good price and does indeed make me quite a saving over 3 individual policies.

However, the website doesn't list a cost for direct debit. When I contacted Admiral I was told the total cost for direct debit would be £936 - that's over £200 extra onto the price of the policy! This is because they take away your 10% online discount, and then add another 8.5% credit charge. The cost of this completely cancels out any benefit of using the multi-car policy.

Personally I think this is pretty outrageous. Insuring a single car is expensive, so using a multi-car policy is going to be very expensive.I would've thought Admiral would've had some sense and realised that most people wouldn't be able to pay for three car policies in cash up front.

If you can afford to pay cash for this up-front then it represents good value for money. However, be very careful about choosing to use their direct debit option - as it's very expensive!

movilogo

I don't see any problem here. When you're quoted online price it is assumed that you are paying upfront. But direct debit price seems to be a monthly installment plan, where you pay a high interest rate for the privilege of being able to pay each month.

hjb562

also beware when you buy online with admiral you have to download your policy booklet which has a lot of exclusions to your cover, i got caught on this big time and it has cost me nearly £16000.

Paul_Herring

However, the website doesn't list a cost for direct debit. When I contacted Admiral I was told the total cost for direct debit would be £936 - that's over £200 extra onto the price of the policy! This is because they take away your 10% online discount, and then add another 8.5% credit charge. The cost of this completely cancels out any benefit of using the multi-car policy.

Why would you want to pay a single payment by direct debit? Wouldn't your debit card do instead?

If you can afford to pay cash for this up-front then it represents good value for money. However, be very careful about choosing to use their direct debit option - as it's very expensive!

Ah.

I think you'll find that the prices quoted up front with ALL insurers, without exception will be the price if you pay before the policy starts.

Once you start paying monthly/whatever, you lose any discounts you could have had, and start paying interest on the unpaid part of the policy while you're using it.

Admiral are not the only company who do this.