Car Insurance Monthly Payments...

RogueandLola

Hello all,

Just wanted to vent a little and find out if anyone is/has been in the same situation.

Recently got a quote for car insurance and was pleased with the price quoted online. I phone up to confirm all details and take them up on the offer...

I wanted to pay monthly, mainly because it means I don't have to fork out £600 at once and for this, I expect an increase of around 10% as I have experience in my previous years driving.

However, after a very brief conversation, the increase is over 50%!!! I was shocked and could not believe it.

I am now on the hunt to try and find the best deal, but I understand I may be best just paying this in one go.

Anyone got any advice? Want to join in with my moaning?

Thanks
Tom

Faith177

If you use a comparison site such as Gocompare or Compare the market they list the cost of the monthly payments in full next to the annual figure.

That should save you some time making a decision

dunstonh

When you take out a loan for paying the premium then many do make a charge. Typically it in an interest charge and can be upto the 30% mark. I have never seen one at over 50%. Do you want to name them?

As much as you may not like it, the company is entitled to price their credit at a rate they see fit. You are entitled to say sod off and buy elsewhere. That is the nature of a free market. So, shop around.

RogueandLola

Thanks for the replies. I'm still hunting and will be all day I think!

The company is Admiral. Online quote of £629.47. Monthly payment plan, £987.59. Massive increase.

I insured with them last year on a Multi-Car policy and the online price for both cars came to £1,369 and when I phoned to take them up on it, the increase was less than 10% at a total of less than £1,500.

I just don't get how it can have changed so much in a year!

dunstonh

I know admiral have a 10% discount if you pay by debit or credit card. You lose that if you pay monthly. Then you pay interest on the loan you are taking out to pay the premium. Typically that has been around 9% with Admiral. I dont know what it is now though.

So, an increase from £629.47 to £987.59 doesnt seem right.