How much extra to pay for car insurance monthly?

[Louisa911]

I've been doing a couple of quotes online this evening with Admiral and Elephant. I'll be going with Elephant as my year of no claims is with them already, and I know they are reasonable.

I've had a quote back for £900 annually, but I think this time I will be going monthly- any ideas how much I would be looking at a month? Split into 12 it would be £75 a month, but they tend to add a bit extra if you opt for this over an annual payment- anyone got any ideas how much it tends to be? I can't get quoted monthly online, you have to call up and completely redo the quote. Just wondered if anyone had any rough estimates from your experiences!

Thanks

[ZOLLAR]

There can be quite an increase with elephant, the apr is 8.5% but you also lose the discount you get for paying in one go which is around 15%-20%, so by paying on DD you can see increases around 22.50% - 28.50%

HTH

[Louisa911]

Ouch! Any ideas if Admiral have similar rates? I imagine they will do. This might be more expensive than anticipated haha.

[ZOLLAR]

Louisa911 said:

Ouch! Any ideas if Admiral have similar rates? I imagine they will do. This might be more expensive than anticipated haha.

They are sister companies so the rates will be similar, it only takes a couple of minutes to get a quote for DD and i think the lines are quiet at the moment (can't guarantee that but they were about 30 mins ago).

Your not tied into the DD's though so you can pay off the remaining amount at any point and the price will drop to the one off price you were quoted.

HTH.

[JB!]

usually 20% + iirc.

[Petrolhead_Rich]

elephant and admiral have massive fees for monthly, as do most insurers.

Partly due to the cost of lending money, partly to encourage people to pay yearly to stop the "pay for 3 months and keep the certificate" gang....

Insurance is getting very expensive...

[jagracer]

I pay nothing extra for monthly instalments with the CSIS

[Louisa911]

Hmm it makes sense but its bloody annoying!

I have just got a new job after finishing uni, starting Monday. I have enough money to buy the car I want outright, and was planning on paying monthly for the insurance as this would be manageable. But an extra couple of hundred quid for DD seems stupid. It'd probably work out cheaper to buy the policy outright and get the car on finance... haha.

Anyone got any other suggestions?

[Dyl]

I was with Bell last year (basically the same company as Admiral/Elephant), I can't remember the exact numbers but I think my policy was £780ish, and I paid £80 per month. So that means I repaid £960, so a fair bit more.

This year I got a credit card with 0% interest, which I have only used for insurance and it works out much cheaper. Is that an option for you possibly?

Edited by Dyl on Tuesday 2nd November 18:52

[TomS09]

I found that it worked out quite a bit more paying monthly with Elephant, but no one else came close to the original quote. So I decided to just buy it outright on my credit card and just pay that off monthly instead.

Edited by TomS09 on Tuesday 2nd November 18:52

[Louisa911]

TomS09 said:

I found that it worked out quite a bit more paying monthly with Elephant, but no one else came close to the original quote. So I decided to just buy it outright on my credit card and just pay that off monthly instead.

Edited by TomS09 on Tuesday 2nd November 18:52

Thanks everyone for the replies. Regarding the ones about credit cards- could be a great idea. Dont think having been a young student and having no credit rating that they would let me have one, but could always ask the parents to take one out and pay them back, I guess. Lots to think about anyway.

[DannyVTS]

for me, it was 1140 in one go, or 1490 monthly.

So about 24%

[ZOLLAR]

ZOLLAR said:

Louisa911 said:

Ouch! Any ideas if Admiral have similar rates? I imagine they will do. This might be more expensive than anticipated haha.

They are sister companies so the rates will be similar, it only takes a couple of minutes to get a quote for DD and i think the lines are quiet at the moment (can't guarantee that but they were about 30 mins ago).

Your not tied into the DD's though so you can pay off the remaining amount at any point and the price will drop to the one off price you were quoted.

HTH.

Actually Louisa don't ring now its just gotten busy

[Tommy Winchester]

Woah!

I pay ~£1300 in a lump, if I was to pay monthly it would total ~£2300.

I got a £300 discount for paying in a lump sum, get the impression they prefer it that way?