Insurance - Ridiculous charge for paying monthly!!!

A

Adam

Member
 Manchester
Just got my renewal quotes thorough.....my quote with Adrian Flux actually went up by £70 so had a little shop around. Managed to find a quote with Bell/Admiral/Elephant at £1550, which is a fair bit cheaper than my next best quote at 2k from Adrian Flux.

I rang up to take them up on it, but thought I would enquire as to how much it would be to pay monthly. I was pretty shocked when they gave me monthly payments or £212! This would basically mean I would have to pay an extra grand to pay monthly! When I asked why it was so expensive, they said it was 8.5% APR, plus you lose the one of payment discount.

The 8.5% was OK and about what i was expecting, but the rest really takes the biscuit. As if insurance isn't expensive enough!! :headbang:

Surely they must lose a fair bit of business this way? In my view, it would make better business sense to charge the 8.5%, so they are still profiting on it, but without putting people of completely!
 
Just get a 0% credit card and pay on that, then you have the 0% period to pay for it, I tend to get 12 month cards then stick money in a savings account each month less the min payment. At the end of the 12 months you pay off the card in full and have earnt a little bit in interest, not much but better in your pocket than theirs.

They prefer the money up front rather than monthly, hence the crappy terms, but they know not everyone has the luxury of being able to pay in one go and so milk those who can't.
 
Manchester is I think the worst insurance post code in the UK.
 
klarky said:
Just get a 0% credit card and pay on that, then you have the 0% period to pay for it, I tend to get 12 month cards then stick money in a savings account each month less the min payment. At the end of the 12 months you pay off the card in full and have earnt a little bit in interest, not much but better in your pocket than theirs.

They prefer the money up front rather than monthly, hence the crappy terms, but they know not everyone has the luxury of being able to pay in one go and so milk those who can't.
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This is what i do now. Both virgin and Tesco are doing good offers on new credit cards.
 
Think the credit card is the way to go!

Yeh, Manchester is an awful postcode for insurance - coupled with the fact that I'm 24, so get completely screwed. I'm hoping I will start to see some improvement when I hit 25, but think 30 is probably the golden milestone for insurance premiums. :roll:
 
I never found any drop in premiums through the ages. :(

No drop when I got married, although the house insurance went down by 25% :?
 
Have you tried Chris Knotts? Elephant quoted me over 2900. tried Chris Knotts... £1400. :thumbsup:

I'm with srhutch on the age thing... hasn't made a difference for me.
 
peddy said:
Have you tried Chris Knotts? Elephant quoted me over 2900. tried Chris Knotts... £1400. :thumbsup:

I'm with srhutch on the age thing... hasn't made a difference for me.
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I thought Chris Knott couldn't quote for the more expensive postcodes or ///Ms.
 
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