Car insurance - ripoffs

[TW]Fox said:
Not as well as it just works for your insurer!

They'll be really glad that paying over the odds for things just works for you, though.
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Taking the same kind of literal sense I bet they are rubbing their hands in glee at the extra £3 quid a month they make from me.
 
It all adds up.

My favorite bit is that you say you like to pay interest on your insurance because it saves you having to look at your finances, as if it's somehow not something you should be doing anyway :D
 
Bizarre thread. Financial education in this country is seriously disfunctional.
 
[TW]Fox said:
It all adds up.
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It really, really, really, really, really does.

Just took a look at Admirals results for 2020, they made £102.4m from installment income in 2020.

I'm not knocking anybody's choices, I have been known to pay on installment too just because I'm a lazy sod.
 
Rids said:
It really, really, really, really, really does.

Just took a look at Admirals results for 2020, they made £102.4m from installment income in 2020.

I'm not knocking anybody's choices, I have been known to pay on installment too just because I'm a lazy sod.
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This lazyness is like the equivalent of washing up in the sink because the dishwasher needs emptying. It doesn't actually help you be lazy at all. If anything it is the opposite. You fill out more paperwork, have more individual transactions to worry about, and it is less flexible when it comes to making changes.
 
dLockers said:
Bizarre thread. Financial education in this country is seriously disfunctional.
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Funny enough one of the younger ones at work (she is about 19) was bemoaning they don't teach you about it at school couple of days ago.

Personally I've never had a problem with mine, don't even have a credit card (though should really set one up for the protection), never been in debit, etc. and fortunate enough not to be in a situation where I need to micromanage my finances.
 
Rroff said:
Funny enough one of the younger ones at work (she is about 19) was bemoaning they don't teach you about it at school couple of days ago.

Personally I've never had a problem with mine, don't even have a credit card (though should really set one up for the protection), never been in debit, etc. and fortunate enough not to be in a situation where I need to micromanage my finances.
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Everyone needs to micro manage their finances.
 
dLockers said:
Everyone needs to micro manage their finances.
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Why? I never even come close to spending my fully monthly income, I have a good feel for what I can afford without having to actively manage it and the losses to credit charges are like half of a percent or something.
 
[TW]Fox said:
Eh?
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Compared to my income my total credit charges as losses from paying stuff monthly compared to lump sums is like 0.5% or something.

I live comfortably within my means so that money won't materially change my life vs having to put some degree of extra thought into my finances.
 
Rroff said:
Compared to my income my total credit charges as losses from paying stuff monthly compared to lump sums is like 0.5% or something.

I live comfortably within my means so that money won't materially change my life vs having to put some degree of extra thought into my finances.
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This is your prerogative, but I ask a favour - when teeny bopper at your office asks for financial advise, please do not give her any. Happily foregoing cash of any value due to laziness, and promoting not managing your finances, declaring no use of credit card but yet pays 10% APR for a 400 quid bill which happens every year distinctly and unobjectively disqualifies you from any position of tutorship.

To be clear - you are the product of a dysfunctional education system when it comes to finances. The difference is, your 19 year old colleague is aware and willing to learn as opposed to against making a change.

Edit: and I know you pulled 0.5% out of your backside, but that is about £1500 a year if you earn £31500 net. That is lifechanging money if put into your pension and compounded over a decade or two.
 
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dLockers said:
This is your prerogative, but I ask a favour - when teeny bopper at your office asks for financial advise, please do not give her any. Happily foregoing cash of any value due to laziness, and promoting not managing your finances, declaring no use of credit card but yet pays 10% APR for a 400 quid bill which happens every year distinctly and unobjectively disqualifies you from any position of tutorship.

To be clear - you are the product of a dysfunctional education system when it comes to finances. The difference is, your 19 year old colleague is aware and willing to learn as opposed to against making a change.
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LOL - you must be new here. I've always tried to give people the best advice even when it is directly at odds with my own practises (or even sometimes beliefs) and so on. I certainly don't advocate anyone else following my approaches - it just works for me in the relatively complex circumstances that are my life.

PS it is ~20% APR vs the lump sum - I am cognisant of what I'm doing and fine with it - I don't advocate it as what anyone else should do.

dLockers said:
Edit: and I know you pulled 0.5% out of your backside, but that is about £1500 a year if you earn £31500 net. That is lifechanging money if put into your pension and compounded over a decade or two.
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?
 
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Hilarious people calling insurance companies robbing scum for expensive renewal prices.

I found year before last quote me happy actually offered me a renewal price so cheap it could not be beaten. First time for everything I know.

Do all the people who find this as some sort of surprise also aware that switching utility, mobile, broadband, TV as well as a host of other things yearly is also far cheaper than not?

Fyi I'm now paying £28 a month for M350 which is circa 380Mb download speed from virgin. Last year I paid £37 a month for the same package and speed. Had I not done anything the price would have went up to £52 a month.
 
I've just moved house and have been planning to get a new car this year.

Had my heart set on a 3 series. Initial projections on insurance at my old property were ~1200, at my new one >2000 :(

An A4 is ~1400 by comparison.
 
The fact that you mention trim/options makes me wonder if you are declaring these as modifications/non standard equipment to the insurer hence the sky high premium?

I mean wow...i do live in a low risk area, but @35 a 330d would likely draw a premium of around £300.....
 
[TW]Fox said:
Are you 19 and do you live in a warzone?!
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Most likely related to the fact I've only been driving for a couple of years :( Even so, it's a hell of a jump! My current insurance on a Fiesta is £600.

That being said, I'm 25 and live in a nice area. Same car insured at my fathers is about £1000 a year. Crazy difference.

Must be a few car thefts around here of BMWs in particular? :P
 
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