insurance on the drip

[timwilky]

I have always paid annually. But shop around for a best deal and last year I went with MCE.

As it is now coming up for renewal. I have received an expensive quote which I will not be taking. however what did surprise me was the pay monthly terms. 44%. Who in their right minds would even consider it. Even the most expensive credit cards would be way cheaper.

Do these companies think we are all mugs?

[the_lone_wolf]

Originally Posted by timwilky

Do these companies think we are all mugs?

does this not answer your question?

Originally Posted by timwilky

As it is now coming up for renewal. I have received an expensive quote which I will not be taking.

[G]

Some people are apparently that skint or rubbish at planning ahead that they cant get together the money before renewal date to pay it in one lump sum.

I have always found it strange that people are willing to pay insurance monthly for an extra 50% sometimes just start saving straight away.

If your really skint then thats unfortunate.....but if your just being lazy and cant save a little bit each month, get your act together lol

[Skip]

I paid my car insurance on the drip this year as it was only an extra £20 over the whole year so thought I would use the money on something else

i think insurance is that much of a rip off i always get it out of the way annually it only hurts once a year then, does make you wonder tho why there is so much difference in quotes, i had quotes of 700 - 800 pounds for my merc but just renewed for the 15 of this month at £360!

same applies with road tax i prefer to get it out of the way yearly too.

[G]

Originally Posted by Skip

it was only an extra £20 over the whole year so thought I would use the money on something else

Thats not bad at all and makes sense, what sort of percentage of the overal cost was £20?

[Skip]

Originally Posted by G

Thats not bad at all and makes sense, what sort of percentage of the overal cost was £20?

It was £250 FC for me and the wife and £278 to pay it split over the year - so about 10% - I could live with that so pay £20 a month...

Originally Posted by timwilky

I have always paid annually. But shop around for a best deal and last year I went with MCE.

As it is now coming up for renewal. I have received an expensive quote which I will not be taking. however what did surprise me was the pay monthly terms. 44%. Who in their right minds would even consider it. Even the most expensive credit cards would be way cheaper.

Do these companies think we are all mugs?

Phone them up and ask if they can do any better, and their direct debit rate is 16%-they are all about the same now if you wnat to pay monthly

[yorkie_chris]

44% is just insane. Pay yearly it makes sense.

[timwilky]

Originally Posted by Paws

Phone them up and ask if they can do any better, and their direct debit rate is 16%-they are all about the same now if you wnat to pay monthly

No it is 44.6% according to their letter

I quote

Originally Posted by MCE

a) you can pay the annual package by a single payment of £269.29 by debite/credit card.
b) Direct Debit* is available with a deposit of just £72.32 by debit/cred card followed by 9 monthly installments of £27.97 by RBS Finsure.

* BY ACCEPTING OPTION b YOU ARE ENTERING INTO A FINANCE AGREEMENTT OPERATED BY RBS FINSURE WHO ARE MCE's PREMIUM FINANCE PROVIDER. APR 44.60%

I have done the sums using the above. and whilst I see it as about 27% across 1 year, as you pay it in 9 months I guess the true rate is more like 36%