Any car insurance companies who don't charge extra to pay monthly

fluffymovie

Hi there

I always pay my car insurance premium in full each year but money is tight now and I am looking to move my insurance to a company who don't charge extra to pay monthly.

However, I thought that Virgin did this but looking at the quote, the APR for annual payments is almost 25%!

Does anyone have any company names they would be willing to share with me?

Many thanks

Oscar_The_Grouch

Hi there

Most companies now charge for direct debit - you wouldn't believe how much extra it costs in staff time and general costs to chase up people who have defaulted on their premiums!!

A solution may be to look for a new credit card that is offering 0% on payments or balance transfers. You can then spread the cost over the 0% period and not pay any interest at all but still insure with your preferred company.

The best bet is to try to clear the whole amount in 6 months if you can. Then you cancel the credit card. 6 months later, you take the same card out again if they are still offering the 0%. You have to leave it 6 months, or they tend to get a little arsey. Alternatively, find 2 companies that offer 0% and alternate between them each year!!

The important thing is to only use the card to pay for your insurance and cancel it as soon as the balance is clear - it helps your credit rating if you use, pay off and cancel a card, which is a bonus!!

Quentin

fluffymovie wrote: »

Does anyone have any company names they would be willing to share with me?

If you are old enough - Saga.

fluffymovie

Thank you both for your replies. Great idea Quentin! I shall look to do that!

Sadly Quentin, am 34 so not quite there for Saga yet! Only another 16 years to go or so!!