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Donatello
Original Poster
1,034 posts
30 months
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I understand the view that it is basically a credit agreement, but whether I pay now or not, if I have an accident, I still have to pay the agreed excess and still have to go through the same procedure.
I don't really know how else to explain it as I do understand the credit agreement and covering the possible costs bit, but seriously... 50%???
They were great last year for our Multi-car policy. Even when we changed vehicles on it they charged us more for a more powerful car but agreed to remove any admin charges in return. Then this happens...
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djfaulkner
641 posts
87 months
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Have you tried Virgin?
I used them for my first car and they never charged extra for paying monthly.
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Donatello
Original Poster
1,034 posts
30 months
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djfaulkner said: Have you tried Virgin?
I used them for my first car and they never charged extra for paying monthly. Not yet. Now on the hunt so will see what they can offer. Thanks.
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B'stard Child
5,766 posts
115 months
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Good lord - I don't think I've ever bought insurance monthly - mainly cos classic policies are mainly all up front anyway and the daily drivers I dip into my car fund whenever anual renewal is due.
If not enough in the fund - car comes off the road till there is!!!
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StottyZr
4,095 posts
32 months
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0000 said: StottyZr said: He can't get a credit card as he's 19. When did that change?! You know what I mean. He applies, they say no... Low income yada yada yada. Or he has a £200 limit which is useful if your trying to buy a new tyre, not to insure a car though.
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Donatello
Original Poster
1,034 posts
30 months
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B'stard Child said: Good lord - I don't think I've ever bought insurance monthly - mainly cos classic policies are mainly all up front anyway and the daily drivers I dip into my car fund whenever anual renewal is due.
If not enough in the fund - car comes off the road till there is!!! I've always paid monthly as I am 22 and previously insurance has been far too much for me to consider paying out at once. At the moment, £600 is a lot to me as we have lots we want to do to the house and the money in our emergency fund is for problems that could occur in the house (i.e. our boiler which we don't trust may need replacing). Paying monthly may seem stupid for a lot of people, but it is what I have always done and previously, the difference has been less than 10% which is what I assumed to be the direct debit charge...
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J4CKO
7,394 posts
69 months
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It is funny as other service industries give you a discount for paying by Direct Debit, it isnt like they provide the whole years insurance in one go so paying monthly seems reasonable, I can cope with a couple of percent due to the extra admin for them and the fact they dotn have the full premium in their bank amkign interest or whatever the do with it.
50 percent is sharp practice, akin to those Payday loans, they seem to forget they are there to provide a service and to make profit, not to utterly bend the consumer over, the banks got hammered for the PPI thing, a stroke of genius that one, get the punter to pay to insure your money, pont being that you take the piss there is sometimes comeback, you do that to people, they tell others and you lose business.
perhaps if the whole compensation thing went back to actually comepensating those who have been injured or property damaged rather than providing a small cash windfall for anyone who has their car scratched and a huge one for the companies that administer it then we might get back to premiums that represent the actual risk of paying out claims for damaged vehicles and injured people.
Insurance nowadays is a parody of what it used to be, it has become a monster.
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0000
9,321 posts
60 months
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StottyZr said: You know what I mean. He applies, they say no... Low income yada yada yada. Or he has a £200 limit which is useful if your trying to buy a new tyre, not to insure a car though. Ok. I really didn't though. When I was 18 I went down to the bank and got a credit card with a £1000 limit which they put up to £1800 at the first time of asking. I'm surprised it's that much worse with 10 years of inflation since then.
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IAJO
170 posts
27 months
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0000 said: Ok. I really didn't though. When I was 18 I went down to the bank and got a credit card with a £1000 limit which they put up to £1800 at the first time of asking. I'm surprised it's that much worse with 10 years of inflation since then. They dont lend as freely since the credit crunch. You could get any amount on cc a few years back and now many are turned down. Colleague 25 on 25k a year good history but has moved house two months ago so was refused.
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JB!
3,845 posts
49 months
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IAJO said: They dont lend as freely since the credit crunch. You could get any amount on cc a few years back and now many are turned down. Colleague 25 on 25k a year good history but has moved house two months ago so was refused. all depends on personal circumstance. for me, credit card either 0% on purchase or balance transfer at 3%.
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Burning Rubber
7 posts
12 months
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is affordable insurance, some kind of right?
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iphonedyou
2,558 posts
26 months
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Burning Rubber said: is affordable insurance, some kind of right? Read the thread again. That's not the point he's making. You'll go far here, with comprehension like that.
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Donatello
Original Poster
1,034 posts
30 months
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iphonedyou said: Read the thread again. That's not the point he's making.
You'll go far here, with comprehension like that. 5 Post, FFS stop feeding the troll..
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DanDC5
6,927 posts
36 months
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OP, see what they charge you to pay it over 2-3 months. I've paid mine this year over 4 months, instead of their being an APR on the payments I was jut charged a £5 admin fee on the 4 transactions. Most companies will be able to give you a similar option.
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Donatello
Original Poster
1,034 posts
30 months
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DanDC5 said: OP, see what they charge you to pay it over 2-3 months. I've paid mine this year over 4 months, instead of their being an APR on the payments I was jut charged a £5 admin fee on the 4 transactions. Most companies will be able to give you a similar option. Thanks for this, I will give them a call in a bit and see what they say!
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J4CKO
7,394 posts
69 months
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Burning Rubber said: is affordable insurance, some kind of right? No, but insurance should be priced to reflect the risk plus, to make a profit for the company concerned and pay their operating costs, not to pay for the claims industry. I know young drivers are more likely to have accidents but really ? four grand to insure a grands worth of car, I know it is what they hit, but I would imagine most claims dont add up to the annual premium minus the excess, it is like they have unilaterally decided to stop competing with each other and focus on hammering younger drivers, they dont all make large claims, I thought insurance was about managing risk not making each driver pay for a decent sized claim each year, I know it is down to what they hit but it has gone mad.
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Jayho
1,543 posts
39 months
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Try a few of the companies you don't find on price comparison sights too. When I was with a company who's mascot was a little red phone I got 0%apr for my monthly insurance payments.
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HBFS
667 posts
60 months
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SirSamuelOfBuca said: HBFS said: This thread is stupid.
Plan in advance, problem goes away... Not at all. It could be useful. I started my own business so cash flow is a problem specially funding everything myself. So for instance if a PHer has some useful info then it would save me money and help with my cash flow. Well, to be fair the OP didn't ask for any useful info. It just appeared to be ANOTHER insurance rant, with little intelligence behind it. Which if you couple with Internet access, you'll do fine. I paid £1100 last year for my insurance policy, this year I'll spend £550 on a 12 month policy. It just takes a little time and thought.
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Johnnytheboy
7,161 posts
55 months
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Burning Rubber said: is affordable insurance, some kind of right? No, but good grammar should be, (  ) some kind of duty.
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Noger
6,779 posts
118 months
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Donatello said: Am I more of a f  king risk because I choose to pay monthly you f king greedy s!!! How does that even make sense! Simple answer. Yes. Particularly at the cheaper end of the market. People who pay monthly have higher claims costs in the same group as people who pay up front. It is a sneaky way of doing it, as we are not really allowed to price from Credit Ratings... It is also that you get more defaults on write offs too. £1000 car, £500 excess, £1000 outstanding on the finance when you total it. You owe £500.
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