Admiral/Bell/Elephant

[MikeHiow]

I've made this point already, but not everyone's finances can support a £600-2000 payment in lump sum. This particularly applies to new or nearly-new drivers, where for many of them their insurance for a year is more than a months wages.

For the sake of £30 a year, or £2.50 a month, I'd probably take the monthly option, too. You could easily make more than that £30 by other means with £600+, or like Daz says; that money might be far more useful elsewhere.

 

[Jez]

I've made this point already, but not everyone's finances can support a £600-2000 payment in lump sum. This particularly applies to new or nearly-new drivers, where for many of them their insurance for a year is more than a months wages.

For the sake of £30 a year, or £2.50 a month, I'd probably take the monthly option, too. You could easily make more than that £30 by other means with £600+, or like Daz says; that money might be far more useful elsewhere.

The point being made in this case is that if it is totally necessary, then it is generally never a good plan to finance insurance through the insurance companies finance solution.

 

[[TW]Fox]

You can't realistically find a new 0% credit card deal every year for your car insurance, either.

Yes you can - it's very very easy infact.

 

[MikeHiow]

All that time messing around for the sake of £30, though? Plus the negative effects on your credit rating if you should be rejected for any of those that you apply for.

 

[Jez]

All that time messing around for the sake of £30, though? Plus the negative effects on your credit rating if you should be rejected for any of those that you apply for.

The point being made in this case is that if it is totally necessary, then it is generally never a good plan to finance insurance through the insurance companies finance solution.

 

[SGWills]

and the rejection if a direct debit doesnt get taken

 

[iaind]

Yes you can - it's very very easy infact.

There were 2 0% credit card deals on my doormat, in fact.

 

[LeeUK]

If it was just an extra £30 or something small like that then I'd be happy with paying that. My insurance is coming in at around £850 and by the looks of it Admiral group want to add on an extra few hundred for paying monthly. The cheap rate credit card is an option but I already have a few credit cards so don't want to risk a decline and having it marked on my report.

 

[iaind]

Use one of your existing ones then?

 

[[TW]Fox]

If it was just an extra £30 or something small like that then I'd be happy with paying that. My insurance is coming in at around £850 and by the looks of it Admiral group want to add on an extra few hundred for paying monthly. The cheap rate credit card is an option but I already have a few credit cards so don't want to risk a decline and having it marked on my report.

Buy your insurance on one of your existing credit cards. Then balance transfer the whole lot to a 0% Balance transfer cards.

Bingo, 0% interest (But a 3% fee) and you've consolidated all your other credit card debt.

If you don't have any credit card debt ask yourself why you've got multiple cards, you probably dont need them.

 

[Stormster]

But from a different perspective if the cost of borrowing is less than the cost of not having that money spare, then it's definitely worthwhile. If you don't have very many savings for instance, keeping a thousand back but paying your insurance in monthly installments if the increased cost is reasonably low is just prudent and makes financial sense.

Thats why I pay £30 for the priviledge of paying monthly... But I guess common sense is beyond some of you rich folk

My insurance cost was £450. I'd rather have the cash in the bank with Xmas around the corner, and who knows if the car will break over winter... For £30 quid spread over 12 months it's peanuts. I had the cash in the bank of course but why skint myself? I will always have 30 quid a month for my insurance but I might not always have 400 quid if my clutch goes boom or something like that.