car insurance by DD

emweaver

Im wondering if there are any companies that allow you to pay monthly DD for car insurance wihout charging an excessive premium. So far ever company I go to has added on minimum £500 a year for me to pay by DD.

For exmaple I was quoted £750 a year if I pay in one go or £111 a month

I have tried confused, gocompare, comparethemarket, tesco compare and gone direct to companies such as admiral, diamond, budget etc

no-oneknowsme

My car insurance is such a tiddly amount that i pay it in one go and have it over with for another year.

My OH on the other hand has car insurance of around £900 and so pays it monthly . This insurance is through our local broker and the charge for payimng this way is just 8%. . Not too bad i think.

Check out your own local broker.

no-oneknowsme

Forgot to ask , how many months is the £111 over ? Somethimes monthly policies are only over 8 or 9 months which would mean your only paying an extra £138 over the year .

8 x £111 = £888 per year

1 x £750 = £750 per year

= difference of £138 per year

emweaver

over 10 and deposit of £240ish

daveyjp

Try M&S and Directline.

deutsch

someone verify this, but i think the interest is due to it being like a loan. the insurance company pays the underwriter fully for the time on cover for you (12 months), however since you haven't paid them fully, it is out of their own pocket - thus the interest and charging more like a loan. i doubt you can find any insurance company without charging nothing. you will just have to look around to see who charges less.

Rolandtheroadie

deutsch wrote: »

someone verify this, but i think the interest is due to it being like a loan. the insurance company pays the underwriter fully for the time on cover for you (12 months), however since you haven't paid them fully, it is out of their own pocket - thus the interest and charging more like a loan. i doubt you can find any insurance company without charging nothing. you will just have to look around to see who charges less.

Think its a finance company that pays your insurer upfront.

DCFC79

I with DL and i believe the difference between paying monthly and yearly is at least less than £10

emweaver

Im aware of how it works as home insurance is same we get charged an APR but its no more than £50 extra

DCFC79

emweaver wrote: »

Im aware of how it works as home insurance is same we get charged an APR but its no more than £50 extra

have you asked the car ins co why its so high

emweaver

i keep being told its standard as no discounts are given if I pa DD