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Ali

Unexplained % rise for monthly payment

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Bell and Elephant are both under written by Admiral. Go direct to Amiral and u will save a few more pounds!

I am paying £750 fully comp with Admiral. Age 31, Central London, 8 years no claims, car on the street and business and pleasure, IF you make a one off payment.

Otherwise the premium goes up to £1050 if paid monthly to them!

Had a big chat with regards to this with Admiral and they could not come up with a good reason for such a big % increase if you pay monthly other than "they take a risk if you pay monthly" smile.gif + you have to pay a deposit of £200 anyway.

This is the case with many companies so be aware.

If you have to you can pay it off on a credit card and the APR will still be cheaper.

Once they take a deposit u only look at the monthly payment hence think you premium is the monthly payment X 12.

Thinking of writing to Watch Dog on this one.

I hope this helps others.

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Good point Ali. I've alternated between admiral and Egg over the last few years, mainly due to the renewal quote always being higher than the previous year. It pays to switch companies since they make their money from the people who don't!

I always make sure to cancel my direct debit at the bank too since they'll keep taking it if you don't

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Monthly? they charge something like 20% APR. Of course they will, they are not a charity.

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Insurance companies have been charging interest on monthly payments for years, sometimes it is cheaper to put it on a credit card just make sure you are doing a like for like interest rate comparison. They have to disclose how much the interest rate is and then it's your choice.

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I used to pay my insurance in full from a flex account, then "pay myself back" the monthly ammounts. Sounds good in practice, but in reality, I never seemed to pay it back.

Problem is, renewal for me coincides with road tax (£205), warranty (£895) and service (not this year, thank goodness). Thats a hefty lot of outgoing on one date!!!

btw, my renewal was £637 for up to 8000 miles, but I called and asked them to re-consider. They then put it dwn to 609 or 676 for monthly payments.

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I agree, it's a simple credit charge. Not sure that there's anything to go to Watchdog about....? They've obviously disclosed it as a take or leave option.

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