Rant - As if insurance companies aren't already making enough

anyone confirm that this is true (taken from admirals website)
'Easy payment options
Spread the cost with monthly instalments or save at least 10% when you pay by credit or debit card.'
save 10% by paying all the premium at once? would be a nice discount for me.
 
Yes, all at once is normally cheaper - as far as I am aware a monthly payment option is normally actually a yearly payment done via a loan of some sort and so you're paying interest payments on the loan, it's not just a direct monthly payment to the insurance company as such.
 
I think when I paid monthly in my first year they added 25% on so this year I just paid it in full to make a good saving.

Edit: That was with Bell/Admiral.
 
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Quick q - I presume if you sell your car two months into your policy and you've paid monthly, cancelling your policy means no longer paying monthly fees plus a cancellation fee. How does it work with full amount? Cancellation fee and partial but appropriate refund? Or do they rip you off?
 
if you pay in full, they charge pro rata plus £47.50 cancellation fee, so you will get money back, on DD its the same cancellation fee plus either a refund/amount to be paid depending on how much you pay/whether you just paid etc
 
Remember that there is actually no difference between paying your car insurance in one go or "paying monthly".
All car insurance has to be paid for up front, you aren't allowed to pay for it on a month-to-month basis.
When you chose that option you are in fact taking out a loan and that loan is used to settle your premium in full at the beginning of the term.
Whereas a few insurance companies now offer 0% APR, many don't. So if you are looking to "pay monthly" you can often get a better rate of interest taking a loan out yourself rather than allowing the insurance company to do it for you - and landing you with a much higher APR.
 
I just got a renewal quote from Admiral, they wanted £480 for a Polo which seemed a bit steep, so I got an online quote for £250 from Elephant!

When I called Admiral to cancel, it turns out they own elephant, so they matched it and knocked of a fiver, cheeky *******. You have to watch them, or they'll creep up the premium hoping you don't notice. I'd have gone elsewhere out of principal, but I couldn't be bothered with the paperwork.
 
flippant said:
I just got a renewal quote from Admiral, they wanted £480 for a Polo which seemed a bit steep, so I got an online quote for £250 from Elephant!

When I called Admiral to cancel, it turns out they own elephant, so they matched it and knocked of a fiver, cheeky *******. You have to watch them, or they'll creep up the premium hoping you don't notice. I'd have gone elsewhere out of principal, but I couldn't be bothered with the paperwork.
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hmmm or you can look to see how insurance is worked out, its worked out on a company database of customers, admiral, elephant, bell and diamond although they run under the EUI group, they all individual companies which means their customer database will be different, insurance is based on an average of those customers, so if we look at a BMW 3 series M sport, both admiral and elephant might have 100 customers with that car, if admiral pay out for 60 out of those 100 and elephant pay out for 50 out of 100, just by getting a quote through a different side of the company it will give you a cheaper price.

There are many threads on insurance companies ripping people of etc etc. At the end of the day its a business, same with any industry there will always be someone offering a better price, but does it give you the same in terms of product and services is what will differ between each company
 
SGWills said:
hmmm or you can look to see how insurance is worked out, its worked out on a company database of customers, admiral, elephant, bell and diamond although they run under the EUI group, they all individual companies which means their customer database will be different, insurance is based on an average of those customers, so if we look at a BMW 3 series M sport, both admiral and elephant might have 100 customers with that car, if admiral pay out for 60 out of those 100 and elephant pay out for 50 out of 100, just by getting a quote through a different side of the company it will give you a cheaper price.

There are many threads on insurance companies ripping people of etc etc. At the end of the day its a business, same with any industry there will always be someone offering a better price, but does it give you the same in terms of product and services is what will differ between each company
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Oh I understand that perfectly well, but it wouldn't hurt to run an internal database check to see if they're offering the best deal they can, it's the same company and the sales guy looked up the new quote reference on his system.

forty or fifty quid and I could understand, but more than two hundred? Not very good customer service is it?

Anyway, I think the point is, always get a quote elsewhere 10 minutes on the web can save hundreds of pounds. I still think they're cheeky! Not so much as I can be bothered to elsewhere though....
 
stoofa said:
A silly little rant I know - but £35!!
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.... i don't have a car because the cheapest insurance i can find is £2500 a year....

For cars i wouldn't particularly want to have.


How about we swap :)?... 20Yr old male FTL.


EDIT: i'm aware the 35 isn't the years pay, but when you're that angry about a measly £35 it's clear you're not paying much (in my eyes)
 
Joshct said:
.... i don't have a car because the cheapest insurance i can find is £2500 a year....

For cars i wouldn't particularly want to have.


How about we swap :)?... 20Yr old male FTL.


EDIT: i'm aware the 35 isn't the years pay, but when you're that angry about a measly £35 it's clear you're not paying much (in my eyes)
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When I was 20 and bought my first car I was quoted £450 TPFT (1.4L 106) :confused:
 
Now that wasn't so hard.
20yr%20old%20car%20insurance%20fully%20comp.png

20yr%20old%20car%20insurance%20TPFT.png


Put in fake details with me as 20yrs old, no no claims, living away from home, full time student, with my first car. 10,000 miles/year. Living in Shrewsbury.


PS £500 should cover it nicely ;)

Edit: Just realised I put in mature student by accident. Changed to student at university and it's dropped to £977 TPFT and £1129 FC.
 
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My insurance renewal was actually cheaper than any of the quotes I could get online by almost £40. That pretty much never happens?
 
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