car insurance installments

gbell

Just a word of warning for people renewing their car insurance and wanting to pay in installments

I used the confused.com web site as recommended by this web site, for car insurance for my son - he needed to pay in installments as he's a young driver and cant afford to pay the lot in one go

But its a good job i checked as although the premiums were ok - they were adding interest of between 20 and 24% to the installments!!!!

thats nearly a quarter of the premium:eek:

so for my sons £1000 premium they are getting £250 extra for doing sod all

then i got my renewal from Egg for my little car, now i also pay in installments and as the premium is quite low i wouldnt have noticed that they had also added 24.2% on!!!!

Hey_Dude

gbell wrote: »

Just a word of warning for people renewing their car insurance and wanting to pay in installments

I used the confused.com web site as recommended by this web site, for car insurance for my son - he needed to pay in installments as he's a young driver and cant afford to pay the lot in one go

But its a good job i checked as although the premiums were ok - they were adding interest of between 20 and 24% to the installments!!!!

thats nearly a quarter of the premium:eek:

so for my sons £1000 premium they are getting £250 extra for doing sod all

then i got my renewal from Egg for my little car, now i also pay in installments and as the premium is quite low i wouldnt have noticed that they had also added 24.2% on!!!!

That kind of obscene APR is not unususal.

If you can't afford to pay in one go - one option - requiring discipline - is to get an interest free period on a credit card - pay for your year's insurance and then make pro-rata monthly payments matching the total cost against the credit card.

Duder

nickmack

gbell wrote: »

But its a good job i checked as although the premiums were ok - they were adding interest of between 20 and 24% to the installments!!!!

Some insurers do 0% for monthly payments, Direct Line is one.

Hey_Dude

nickmack wrote: »

Some insurers do 0% for monthly payments, Direct Line is one.

Yeah but they load the premium............

poppy_f1

nickmack wrote: »

Some insurers do 0% for monthly payments, Direct Line is one.

yes and no, they do 0% on new policys but if like me you have held the policy for a number of years and paying monthly you are getting hit with 15% extra interest charge
guess whos changing this year