Car insurers charging £365 a year extra to drivers who pay monthly
Don't panic if you haven't purchased it yet, you can still compare prices if you're undecided on buying a vehicle.Once you're done, the websites will then show you the quotes you can get some different providers.While no means a guarantee way to lower the price they're offering you, haggling doesn't cost a penny and can prove successful.
On the lower end of the scale, the difference was still 7.5 per cent when choosing a monthly package over an annual payment with More Than. There are loads of zero per cent purchase cards with no interest to pay, in some cases lasting over two years. These can be used to pay for the annual cost of your policy without the expensive interest being charged by insurance companies. However, you will need to pay off your debt by the end of the pre-agreed period, otherwise interest will be added. Always make sure you have the financial means to pay off the card in the timeframe you've agreed.
As you’re effectively taking out a loan for the year, most insurers will perform a background check to determine an APR rate.Other factors that could impact the interest you'll be charged include payment dates, number of payments, and size of the initial deposit. Consumer expert Martyn James of Resolver added: "Just because 'it's always been this way' doesn't mean it's fair - and it's time for this whole method of payment to be investigated."
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