Bike insurance

[Cymraeg_Atodeg]

I took out insurance on Saturday with the intention of riding Suzi this coming week (before I knew she was SORN,) but, that's not the point.

I got a letter through today from some finance company supposed to be the under-writers for MCE insurance, I got a good quote from MCE (£243.75 TPF&F per annum.)

Well, I thought that was all good, but, the letter informs me, because I want to pay it over 10 months and not straight away, they want to charge me 57.7% APR on the outstanding debt :confused:

I mean w.t.f.!? 57.7%!?

I am gonna phone them tomorrow and just pay it outright, have to go easy on riding Suzi for another month while my money catches up with my activities, but, f*** to 57.7%...


Anyone ever heard of or is paying something silly like this?

Ddiolch

[zsv650]

sound's wrong but i wouldnt know i always pay mine outright.

[simesb]

57.7% is a bit steep!!!!

You'd be better off paying it from overdraft (if you can) than pay that kind of APR. They should also have told you the rate when you took the deal.

[Cymraeg_Atodeg]

I am now, I am phoning MCE tomorrow to pay it outright and telling the finance compant to go self fornicate...

57.7% is a bit steep!!!!

You'd be better off paying it from overdraft (if you can) than pay that kind of APR. They should also have told you the rate when you took the deal.

They should, but, they didn't. They just said there would be 'some interest'...

[Jamiebridges123]

That's a mis-print. 5.57% sounds more like it. I believe my one when paying monthly was personally about 11%.

Now I have a £240 premium which is like £23 a month. Jejej.

[Cymraeg_Atodeg]

That's a mis-print. 5.57% sounds more like it. I believe my one when paying monthly was personally about 11%.

Now I have a £240 premium which is like £23 a month. Jejej.

It is no mis-print dude, it says it 4 times on three different documents, 57.7%! Ouch!

[Jamiebridges123]

Wow... I'd consider complaining that's just tight.

[Cymraeg_Atodeg]

Well, my first complaint will be how ridiculous that rate of APR is, my second is that I was never told it and third will be that they still haven’t sent me my certificate of insurance (which I need to un-SORN Suzi!)

Anyway, I happen to have £190 spare (I paid about £60 deposit,) so, I will just pay the insurance outright and go from there, but, 57.7% is a freaking joke!

[FlyinCustard]

Credit Crunch Britain

[yorkie_chris]

Have you got a particularly bad credit rating or something?

[the_lone_wolf]

if you can afford to pay it in a lump sum, why are you paying more to spread it over 10months in the first place?:confused:

[muffles]

Have you got a particularly bad credit rating or something?

It's slightly high, but I'm pretty sure this is just the sort of rate they charge for doing monthly payments. I would have expected 30%+, anyway. If you can pay in full...just do it!

[Cymraeg_Atodeg]

Have you got a particularly bad credit rating or something?

I do, but, my car insurance only charges me 10% on my insurance...


if you can afford to pay it in a lump sum, why are you paying more to spread it over 10months in the first place?:confused:

Because I intended on paying off some debts, but, they will have to wait now

[Staffz]

They were talking between 11% & 13% when I insured on Wednesday, I balked at that with the base rate at 0.5%!!! Plus is fairly expensive for TPF&T, get a few more quotes and see if you can get through somewhere you can collect certificate from and be off to the post office!!! You get 14 days to change your mind.

[jamesterror]

Mine was 5% but then they said "Oh wait your not 18..", so lump sum.

[Cymraeg_Atodeg]

Well, I am off to the post office now with my fully paid for insurance to try and get a tax disc, speak soon :-)

[xXBADGERXx]

Yayy , now you can get out on the bike :)

[Cymraeg_Atodeg]

Yayy , now you can get out on the bike :)

Well, I got my tax, a new oil filter, air filter, spark plug, oil and coolant along with a torque wrench... Time to give Suzi her next service :D

[Viney]

Most insurance co charge around 30%+ for instalments. I know my car policy is something like 36% and thats form churchill.

I payed my bike insurance in 2 part interest free. £35 a month :)

[timwilky]

See my rant here (http://forums.sv650.org/showthread.php?t=119332&highlight=monthly) regarding MCE outrageous interest when they only wanted 44% from me. and I have an excellent credit rating

I have never bought insurance on the drip as mine is affordable, so only saw what they were proposing at renewal

[Cymraeg_Atodeg]

Well, I skipped over the 57.7% APR. I just paid it all out as it is much easier.

Got me tax too, £66 per year is good, my car is £145...