Insurance paid monthy

[kerry-w]

Hi,

Just a simple question, im looking to pay my insurance monthly as I can afford to with the money I have got in from my job and id rather do this than move money over from an ISA account and then have to pay it back into there each month. Even though paying insurance monthly will cost me about £200odd more, its just easier

Heres the question:

I have a quote with £258 deposit and 9x £168. Will this cover me for a year or only 9 months? :S

As all of the quotes either have 9x payments or 10x payments, not a full 12x amount.

Anyone here able to help as I can't give placs a call at the moment

Thanks

 

[Sheila’s’ Wheels’]

You will get 12 months cover.

Thats just the way they work out the monthlys. Mine is done over 9 payments and one deposit, the same as you.

 

[st3ve]

Well you don't want to be paying for your insurance after it has finished do you?

Some companys do a 10 month fast track thing but they are dodgy as you can only use those no claims with that particular company afaik.

Just make sure you check the details, better to ring them that way the person on the phone will explain it all and if not you can ask them.

 

[kerry-w]

Thanks guys policy is through ASDA, so I would hae thought it to be fairly decent, will check small print etc though as with Quinn I was about to sign up till I saw "Quinn Direct is under administration" so thought it best not to be

 

[DrR]

How is it no cheaper just to use your money from your ISA?

 

[kerry-w]

How is it no cheaper just to use your money from your ISA?

Just hassle having to take money from isa over into different account to pay for it.

Just read this at the bottom of the polic:

Please Note: to pay by instalments, you must be at least 18 years of age.

The total Interest payable is £203.10
(Interest is 15.5%.)

It costs me £168 monthly, but what they are stating above is with interest it will be £203?

Or is that just something else? Generally confusing stuff for me

 

[DrR]

The above says the interest is £203?

I don't see how Spending £203 is easier than a few mouse clicks, but it's your money.

 

[kerry-w]

The above says the interest is £203?

I don't see how Spending £203 is easier than a few mouse clicks, but it's your money.

The ISA is with a different building society, id rather not touch that as then id lose bonuses each month and I often win money through bonds schemes etc on the account

Would mean having to withdraw money from my one account each week to deposit back into my ISA account, and with the place being 10miles away each time id rather save the fuel costs and hassle and simply pay the £203 extra.

Thanks for the help

 

[SC03OTT]

Why don't you move money from the ISA into your account, pay the insurance off in full, then pay back the money into your ISA each month. That way, money in the ISA and no interest paid. Or, 0% credit card and no interest paid either. Paying £200+ interest because you can't be bothered is mental.

 

[Alex_X93]

The intrest on paying monthly is massive proberly cheaper to take out a loan and pay in full?

 

[Sheila’s’ Wheels’]

Please Note: to pay by instalments, you must be at least 18 years of age.

The total Interest payable is £203.10
(Interest is 15.5%.)

This means that the total interest of the loan amount (Your years insurance quote) will be £203.10

Its not your monthly payments.

I don't mean to sound rude but I suggest you ring the insurance company to clarify everything as you seem a little confused and you don't want to enter into something you're not 100% sure about.

 

[kerry-w]

After seeing their interest amounts now I will be paying the full amount, leaving £600 in the ISA afterwards, then mayaswel just pay the money over from work each month back into my ISA until it gets back up to the max amount.

Even if I do lose the bonuses for 3/4 months then its worked out as saving me about £60 a month now