Any insurers that don't rape you for paying monthly?

[randomman]

I'm reaching a time in my life where insurance is well under 4 figures, I am happy with this. I wasn't expecting much of a dip as everybody crashed and got whiplash last year so we're all paying the price.

However I was not expecting to be shafted sideways on paying monthly.

Flux want 43.2%
Admiral (this makes me laugh) ONLY charge 18.9% APR, but also 8.5% credit charge (how the FSA doesn't crack down on this I don't know) and also a 'discount' for paying in one payment. Total charge for credit £280, on a bloody 600 quid quote.

So, anyway, I'm getting quotes in the 600 mark, anyone know someone who's monthly option doesn't take it above 800?

[GWMD]

Direct line don't charge any extra for monthly payments iirc?

[randomman]

24% APR, taking their quote to 788. Where are these guys getting their credit from? They must have the worst brokers known to man. Or the theiving little sts are just pocketing it.

[bristolracer]

randomman said:

Flux want 43.2%

They been playing with the wonga sliders?
Ive heard of cheaper loan sharks

[ZOLLAR]

randomman said:

24% APR, taking their quote to 788. Where are these guys getting their credit from? They must have the worst brokers known to man. Or the theiving little sts are just pocketing it.

And?.

[randomman]

ZOLLAR said:

And?.

There's no and. Just that.

[Noger]

They are effectively rating you on your credit score, in a roundbout way.

Insurers are not allowed to use credit score directly as a rating factor (we were told it isn't Treating Customers Fairly by the FSA when we asked) hence the use of a discount for paying annually. So Admiral charge you 8.5% (flat, not the APR) on a non-discounted premium for paying monthly.

Interesting from a Compliance perspective

[Mike 820]

GWMD said:

Direct line don't charge any extra for monthly payments iirc?

I had to pay 10% extra for paying monthly with them this year.

[TameRacingDriver]

They are robbing s so the best way, if you can be bothered is to get a credit card with 0% or a low percentage rate on purchases...

[philmots]

Your best bet would be a 0% for 12 month credit card. There's loads about.

[matt-ITR]

Why are Adrian Flux charging you so much? For me it much less than that (<20%). Still a rip off I accept, but still worked out as the cheapest price.

[Tycho]

Probably cheaper to go overdrawn for a few months depending on your bank.

[stargazer30]

philmots said:

Your best bet would be a 0% for 12 month credit card. There's loads about.

+1 this is what I did. Just be aware you pay the full years premium so check the cancellation small print incase the company won't give you some of it back if you cancel mid term.

[mgmrw]

stargazer30 said:

philmots said:

Your best bet would be a 0% for 12 month credit card. There's loads about.

+1 this is what I did. Just be aware you pay the full years premium so check the cancellation small print incase the company won't give you some of it back if you cancel mid term.

's what I did. Then the months I was "flush" I paid double. IIRC I cleared a £1500 Admiral polcy off my card inside 5-6 months