Paying Monthly means double

Magiclez

Just went looking online for car insurance with compare the market, elephant etc....

Admiral want 984 quid which is fair enough as i havent had a car in two years and lost my 4 years ncd because i havent had a car

but to pay monthly it was

£164 deposit then £164 11 monthly payments!!

Surely they cant do that can they?

All insurers are the same though wanting to double the cost.. when i enquired they said you lose your discount when you pay monthly!!

Im 33.. been driving over 14 years and have a company vehicle for work purposes... not for personal use though

any tips or advice please

molerat

Only the obvious one ...... don't pay monthly ......... or look at other insurers that may be slightly dearer up front but offer lower monthly charges. I only ever pay monthly if it is at no cost.

thatsean

Put it on a credit card with a lower APR?

They can charge what they like for offering you credit - you can choose not to purchase.

keith1950

Hi, when I have spoken to them in the past they explained it as the loss of a discount for paying annually plus the credit charges for paying monthly !!.

paddedjohn

Its not double for all the companys, typically about 10% more in my experience. A while ago I was helping my Daughter get her insurance sorted out and when we found a policy for £600 odd quid i offered to pay up front but the price shot up to nearer £1100 for the privilage but to pay monthly was the cheaper price.

opinions4u

Magiclez wrote: »

Just went looking online for car insurance with compare the market, elephant etc....

Admiral want 984 quid which is fair enough as i havent had a car in two years and lost my 4 years ncd because i havent had a car

but to pay monthly it was

£164 deposit then £164 11 monthly payments!!

Surely they cant do that can they?

They can charge whatever they want.

Equally, you can buy from another company.

All insurers are the same though wanting to double the cost

This statement is complete nonsense.

.. when i enquired they said you lose your discount when you pay monthly!!

Car insurance is invariably an annual policy. Paying it annually is cheaper. Saving the money up to pay it annually is good or you.

any tips or advice please

Shop around. Or pay annually.