Monthly Insurance

[SimonR.]

Never paid monthly before but thought I'd ask when I rang for a quote.

BMW Z3 - £1800 FC, Commuting, 10K Miles, Mods, £4k Value

Now monthly, £2800.

Where do they get the cheek of adding £1000 interest over a year!


What do other people pay monthly?

 

[wezzel98765]

If that's with admiral/bell/elephant it's because you lose their discount, and then they charge I think that they told me, 17% APR

Same with a quote I've got for my next car, £1545 if paid in one, or if paid monthly, works out @ £2150

 

[ipodsandguns]

with admiral/bell/elephant monthly is insane!

17% interest, additional rise in premium and your first quote is not inclusive of insurance tax...

Also they don't allow you to pay a large deposit to bring down monlthy payments.

 

[Adam.]

Admiral will let you split the payment over 2 months if you ask. With no fee.

 

[Steven103]

Aaaaaannnndddd that's why I save up until I can pay in one lot...

 

[Liquid yellow 182]

With elephant they wanted £1400 monthly and £912 for the yr so saved myself about £500 and asked my dad to pay it in one and I pay him monthly. What a joke!

 

[SimonR.]

Yes it was with admiral as they will honour my 1 years experience and turn it into ncb if I renew with them.

I'll just pay it in one go, would just be nice not to have one big hit

 

[SC03OTT]

Can you not get a 0% credit card? Pay the insurance, set up a direct debits for each month and shred the card so you can't use it again. Then you have your monthly payments with no interest.

Tesco are doing 0% for 15 months and Barclaycard for 14 months (I have that one).

 

[SimonR.]

I'll have a look into that. Didn't think of it.

 

[Dan1587]

Can you not get a 0% credit card? Pay the insurance, set up a direct debits for each month and shred the card so you can't use it again. Then you have your monthly payments with no interest.

Tesco are doing 0% for 15 months and Barclaycard for 14 months (I have that one).

Exactly what I did mate, I got a Barclaycard one too, 12months 0%.

 

[Dan1587]

Can you not get a 0% credit card? Pay the insurance, set up a direct debits for each month and shred the card so you can't use it again. Then you have your monthly payments with no interest.

Tesco are doing 0% for 15 months and Barclaycard for 14 months (I have that one).

Exactly what I did mate, I got a Barclaycard one too, 12months 0%.

 

[D4N13L]

Do they not charge thought for paying on credit card but its free with debit card?

 

[SC03OTT]

Even if they did charge a fee, it's not going to be the £1000 the OP will be paying in interest. Still quids in.

 

[Dan1587]

Do they not charge thought for paying on credit card but its free with debit card?

Yeah got charged 2.5% but like Scott says, still not £1000.