Question about paying insurance monthly.

Princey · 5 Apr 2006 at 16:52

I'm currently paying my car insurance through direct debit every month with The AA. I really need to cut down my monthly outgoings so does anybody know if I can pay the remaining mount off in one go?

vanandjuanunited · 5 Apr 2006 at 16:53

Cant see why not but you would need to ask them that.

mctiny · 5 Apr 2006 at 16:54

williamw11 said:
Cant see why not but you would need to ask them that.

sounds advice that.

Also you might want to ask a Don or admin nicely to get this shifted into the motors section.

stoofa · 5 Apr 2006 at 17:58

Princey said:
I'm currently paying my car insurance through direct debit every month with The AA. I really need to cut down my monthly outgoings so does anybody know if I can pay the remaining mount off in one go?

There is no reason why not - however you may well not save anything.
Most companies when they let you pay monthly they charge you an APR for credit.
I was with Direct Line for example and I was paying off monthly.
It didn't hit just how much extra this was costing me until I really looked at the paperwork this year.
As far as I know all companies charge for monthly payments with the exception of Virgin (however I found their quote far too high).
This year I actually get a much better quote from Norwich Union Direct and also opted to pay for it all in one go - made a massive saving.

You however have initially taken your policy on a monthly basis.
Don't be surprised if the "charge" to pay it all off in one go is the APR/interest all front loaded.