Car insurance settlement figure

alo6

Good Morning,

Quick question regarding insurance, i currently pay £141 a month for my car insurance, i have 5 payments left for the remainder of my policy, which equates to £705.

Has anyone got any idea of how much of a discount i will recieve (if any), to pay it off early.

Original quote was £999 for 10months cover, and to pay it up i am £141 for 10months, Rediculous.

Thanks.

Hintza

None, you have entered a fianance agreement unfortuantely.

motorguy

alo6 wrote: »

Good Morning,

Quick question regarding insurance, i currently pay £141 a month for my car insurance, i have 5 payments left for the remainder of my policy, which equates to £705.

Has anyone got any idea of how much of a discount i will recieve (if any), to pay it off early.

Original quote was £999 for 10months cover, and to pay it up i am £141 for 10months, Rediculous.

Thanks.

You dont pay £141 a month for your car insurance - you pay £141 for a finance agreement which paid for your insurance, therefore cancelling your insurance probably means you wont get much back, if anything.

Also, did you not do the maths at the time, rather than complaining about it later?

alo6

pgilc1 wrote: »

You dont pay £141 a month for your car insurance - you pay £141 for a finance agreement which paid for your insurance, therefore cancelling your insurance probably means you wont get much back, if anything.

Also, did you not do the maths at the time, rather than complaining about it later?

Paul, i believe you read the post wrong, i am looking to pay the remainder of the insurance and keep the policy.

Also, everybodies circumstances change, i could not afford £1000 in the one month back then as i was only 21 and regardless of what i done i couldnt get any cheaper. I was fully aware it was £141.

PS. I phoned elephant and they want £407 to pay it outright. saving just under £300.

Hintza

alo6 wrote: »

PS. I phoned elephant and they want £407 to pay it outright. saving just under £300.

Gosh well done, I'm quite surprised at that.

newbie007_2

Thats good - but the installment amount of £141 for a £999 price, thats terrible.

£411, thats 41% more. Usually insurance companies charge an extra 10% for paying installments.