Car Insurance and being a DFW dilemma

oakdale_minx

My car insurance is due for renewal tomorrow. I currently pay £30 a month and have told my current insurer to renew it so I make sure I go to 3 years no claims. (painfully built up after having zero after leaving my ex and being a second named driver for years:mad: )

I'm planning to switch to Budget tomorrow as they have quoted me the cheapest with Confused and my current provider can't match it.


The annual premium will be £222 if I pay it all in one go, or , a deposit of £46 and then ten monthly payments of £20.28. The APR is 23.4%.

I've never been able to afford to pay it all in one go, and, unless I put it on the CC, I can't afford it that way this year.

However, if I put it on my CC, I can clear it all next month with some of my AQA money, so in effect it will sit on my CC for four weeks - and obviously, I won't be paying any APR.

What is the best thing to do? Pay monthly giving me an extra £10 a month in my budget, or put it on the CC (not very MSE I know) and pay it all off next month?

Glass_Half_Empty??

Have you tried prudential?
The reason I ask is that they give quidco 100 pounds when you take insurance through them. If they offer you a quote of a little bit more then budget but you gain a hundred quid then it makes you up
My insurance is due in Jan and I have a quote saved that is about 20 pounds more a month but when quid co pay me my 100 commision then I am still up 80 pounds

Imelda

Hi o_m,

If it were me I would put it on the card, it will save you £26.80 over the year and then you can save the £30 per month you usually spend saving towards next year's tax and insurance.

That's just my own opinion though.

Sammz

I was in the same dilemma but decided to put it on my card. I'm going to up the payments to include the amount I would usually pay. And hopefully include a lot more too!

Also, go through a cashback site to get more money.

oakdale_minx

Hi all, funnily enough I've just looked at Prudential, because of the £100 quidco are offering, but it was £350 for the year!

Storm

I put mine on the CC because of the extortionate apr from the insurers. If your going to be able to pay off the whole amount next month without any interest from the CC I would say go for it on the credit card.

Because all of us have got in a pickle with money I think we can sometimes view credit cards as evil things, but this sort of situation is where they really come into their own.

climbgirl

If you're going to pay it off next month and not pay any interest, then it's very DFW/MSE to put it on your credit card! If you can afford to do this, then go ahead - it's going to be much cheaper in the long run.

climbgirl

Storm wrote:

Because all of us have got in a pickle with money I think we can sometimes view credit cards as evil things, but this sort of situation is where they really come into their own.

Well said! This is the exactly the kind of situation where you can milk a credit card for all it's worth at no cost to you. Even better if you've got a card that pays cashback :-)

FatJock

O_M,

I went with Ensure (underwritten by Equity Redstar) this year because they offered me the same price but more in terms of benefits than AA, but the point is they allow you to pay monthly with no %apr on top. Basically it was % free.

i opted to pay the amount in full (£2.00 coins).

Look them up on the net and see if they can better your current offer.

Good Luck,

Regards,
FatJock

kathfisch

FatJock wrote:

O_M,

I went with Ensure (underwritten by Equity Redstar) this year because they offered me the same price but more in terms of benefits than AA, but the point is they allow you to pay monthly with no %apr on top. Basically it was % free.

i opted to pay the amount in full (£2.00 coins).

Look them up on the net and see if they can better your current offer.

Good Luck,

Regards,
FatJock

This is the same with Virgin car insurance, you can spread the cost over 12 months without paying more, i.e. 0% interest. Its worth checking if their quote is competitive for you, can't hurt!

oakdale_minx

Just did a Virgin quote. £346

Cheers for the heads up though - I didn't realise they did car insurance.