Anyone know Admirals monthly APR?

[tyranical]

What APR do admiral charge if you choose to pay monthly instead of annually? They don't state it on their website and there is 3 different cars im looking at so don't want to go through doing 3 quotes over the phone to get the APR as i'd imagine it will be a percentage figure.

[OwenK]

Surely you could find out quickly online, doing a quote only takes 5 minutes and once you've got one entered, you just need to change the car details for each successive quote!

[Marf]

Why would you have to go through the quoting process over the phone just to find out what % APR they charge?

Just call and ask them flat out.

[kiethton]

from memory its not just an APR.

They offer you a discounted premium if you pay annually as your 'statistically a lower risk' apparantly

[tyranical]

It doesn't tell you online it says, for paying monthly please call us.

Who was the chap who works for admiral off here, perhaps i'll drop him a PM

[Marf]

So call them "Hello, what APR do you charge to pay monthly?"

[Martial Arts Man]

I might well be wrong here, but I suspect that the APR is the result of a credit score. Hence why they say "call to find out".

[Tom H]

The APR will work out at circa 30%

what you actually have is a credit agreement. That is to say you pay 12% interest on the total premium. The ammount of interest you pay is fixed.

Unlike say a mortgage your not paying off the ammount acruing the interest and therefore paying less interest every month. Effectively as you pay the premium the 'interest' rate is going up and up.

As others have said paying in full the annual premium will be less and if on a credit card pay it off monthly. A friend of mine has a credit card that he uses a soley for insurance pays it in full the cuts up the card and sets a standing order on pay day each month pays it off over the year! ... Simples



Typed on phone so not proof read bit hopefully makes sense!

[sjj84]

Admiral charge a rediculous amount for paying monthly. You're better off getting a credit card with 0% on purchases for 6, 9 or 12 months and paying it off that way.

[R12HCO]

They are clever how the do this.

I haven't read any previous posts, but i took out a policy about 2 weeks ago.

The policy was £1529 for 10 months. I always put it on my credit card and pay it that way, but for the saker of it, i asked for a DD.

He says 'thats 400* deposit and 9 x £218'.

Wow i replyed and said whats the APR on that. He told me 8%. I said off the top of my head, that isnt 8%. We had a bit of a panto moment (O yes it is, O no it isnt), so which he then told me the thruth.

The price on the web is the price you pay if you pay the policy in one off payment. He told me the actually policy is 2400* and the APR is 8% ontop of that figure.

• Approx

[ZOLLAR]

The APR is 8.5%, but you also lose a discount for not paying in one go depending on the risk of the policy it'll vary between 10-22%.

HTH