Purchasing car insurance, anyone that I dont have to pay a deposit with?

DJMK4 · 29 Sep 2009 at 10:46

Hi,

Im shopping around for car insurance. I was just wondering though, is there many cheap companies out there at the moment which just ask for monthly payments and not an upfront deposit?

Would help me out a lot this month if I didnt have to pay the last payment on my current policy, then another £100+ quid for a deposit on a new policy.

Have far too many outgoings this month

SoliD · 29 Sep 2009 at 11:54

Get yourself a credit card with a long 0% on purchases - I expect you could find one that still exists, and put the insurance on that and pay it off over the year!

DJMK4 · 29 Sep 2009 at 12:01

SoliD said:
Get yourself a credit card with a long 0% on purchases - I expect you could find one that still exists, and put the insurance on that and pay it off over the year!

Examples?

I already have an Egg card with a £400 credit limit, but thats maxed out

SoliD · 29 Sep 2009 at 12:02

DJMK4 said:
Examples?

I already have an Egg card with a £400 credit limit, but thats maxed out

Halifax, bank of scotland doing 9 months deals at the moment!

DJMK4 · 29 Sep 2009 at 12:08

SoliD said:
Halifax, bank of scotland doing 9 months deals at the moment!

So its 0% interest for 9 months on purchases, then after 9 months you start paying interest?

What about cards that offer 0% on balance transfers for 12 months or would it be better to stick to purchasing on credit card?

Thomas. PLease. · 29 Sep 2009 at 12:25

bell you dont.

Fourstar · 29 Sep 2009 at 13:09

Can't help you on the policy front but maybe you could get your bank to temporarily create/increase your overdraft.

The big danger of a second CC is you'll end up maxing that too. Seen too many people that

monkey_boy · 29 Sep 2009 at 13:47

DJMK4 said:
Hi,

Im shopping around for car insurance. I was just wondering though, is there many cheap companies out there at the moment which just ask for monthly payments and not an upfront deposit?

Would help me out a lot this month if I didnt have to pay the last payment on my current policy, then another £100+ quid for a deposit on a new policy.

Have far too many outgoings this month

A lot of companies take a deposit and 10 further months of equal payments. If you go with one of those, you wouldn't have the overlap problem again.
Also, you could probably get any credit card and the standard interest rate would be cheaper than what the insurance companies usually charge.

DJMK4 · 29 Sep 2009 at 13:50

Fourstar said:
Can't help you on the policy front but maybe you could get your bank to temporarily create/increase your overdraft.

The big danger of a second CC is you'll end up maxing that too. Seen too many people that

No way I can get an extension on my overdraft

If i get a 0% credit card, just pay for my insurance for the year, decrease my credit limit after I have payed, or simply cut up the card.