Annual Car Insurance - Credit Charge?

doomandgloom

Hi


Apologies if this has posted twice - having problems with the internet connection.


I'm trying to find out why my Car Insurance policy shows two different charges.


I've been quoted and paid £462 for my car insurance. I've paid this upfront.


However the policy says in the Schedule that the total (before credit charge) is £350.47.


Why is a different amount showing to my cover letter? And should I be charged a credit charge when paying up-front?


I'm not sure if this is relevant but I do have a poor credit history, which is why I pay up-front. Even so, I thought a credit charge wouldn't apply.


Am I missing something here? Is this normal practice? (Just to be clear the comparison websites did throw up the 462 price before any documentation was produced).




Many thanks


D & G

Quentin

Ask the insurer to explain anything you don't understand/agree in the paperwork ASAP and take it from their reply

wgl2014

Did you go via a broker? Had it before when the premium had a base cost and their fees etc are added on.

Gloomendoom

wgl2014 wrote: »

Did you go via a broker? Had it before when the premium had a base cost and their fees etc are added on.

I usually use a broker but their commission is nothing like the discrepancy the OP is quoting.

forgotmyname

I use a broker and the first page shows the actual price, premium + charges. But when you goto page 2 it shows the premium just for the insurance which is lower.

Although £100 seems a lot. Mines nowhere near that much. The first time i spotted it i did ask them why the 2 prices. Had a laugh with me being shocked they charged and made money from me. It was worth it, they dont charge me the usual CC fee. Maybe they knock that off for everyone who phones though?

Castle

Maybe the lower figure also excluded Insurance Premium Tax (at 10%).

Bigphil1474

My quotes normally gives me the 'pay up front' cost, or the pay by monthly DD cost. The second would include the credit charge. It does sound like you've paid the cost of paying monthly but paid it in one lump sum. I'd get on to whoever you paid and ask them to clarify, and you should be due a refund. The credit charge should only apply if you are paying monthly.