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Insurance different if paid by DD?

marywooyeah · 2011-11-05 00:22:18

Hi, have just managed to get a quote down from £2,200 to £1200 but it says in small print that the price may vary if you pay by direct debit - does anyone know why this is or what the likely variation is to be? I cant ring them as its out of office hours, I just thought it would be the policy quote divided by 12!

Comments

property.advert Posts: 4,086 Forumite

6 November 2011 at 3:48AM

I think it was Churchill or Direct Line who were not charging for monthly payments.

In fact, there should be no need to pay in advance, as the company is not at risk for the whole 12 months from day 1. However, as the implied internal rate seems to be over 20%, I'd be looking for that as a discount for paying in one lump.

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