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MSE News: Insurers failing to give clear information on payment options
Former_MSE_Paloma
Former MSE 531 Posts
People buying home and car insurance online are not given clear information about payment options, the FCA says ...
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Insurers failing to give clear information on payment options
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Insurers failing to give clear information on payment options
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Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
But most are not capable of turning that simplistic scrap of arithmetic into an APR.
I don't quite understand the mindset of the financial anoraks on here who always seem to be against the provision of further information for consumers. Banks and credit-card providers have been giving this kind of information for years so what's so special about the insurance companies that they need not?
Don't get me wrong, I can't see why insurers shouldn't give this figure, but equally well it's not something to get excited about.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
I do, however, take your point that many people don't even understand the significance of an APR.
I guess I'm lucky, I always pay the whole year up in one go on my policies thus avoiding the ridiculous interest payments paying monthly.
why has it only taken 15 years for this to be realised by everyone else?
it was however refreshing to see the postoffice home insurance have scrapped apr on monthly payments when i was pricing up last month.
and it was the second cheapest too!
Have they scrapped charging interest on monthly payments (i.e. same annual subscription whether by monthly or annual payments) or have they just stopped declaring the APR? - the latter is exactly what the FCA is complaining about.
Most consumers don't need to know anything other than what the monthly cost will be.
Really? Their monthly cost will be less if the pay up front, so it's not that simple.
I've run the sums for every insurance renewal (and TV license BTW) and have always decided to make a one off payment.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.