katiepollard Posted May 28, 2012 Report Share Posted May 28, 2012 Hey guys! Would really appreciate some advice, I really want to pay my insurance out right for the year but obviously I need to save longer which means I won't be officially on the road till about July -.- do you think paying insurance monthy would be ok? I know In the long run I'm gonna be paying a bit more than I would if I paid it off In one infact its about 700 pounds more, but this way I can drive in like June :/ do I wait and save or just pay monthly? Except it being more expensive is there any down falls for paying monthly? Thankyou! Quote Link to comment Share on other sites More sharing options...
Lupo-Joe Posted May 28, 2012 Report Share Posted May 28, 2012 I would wait another month and pay it off in one go. That's what i do! Then you don't have to worrie about what money you have and rubbish like that and gives you another 12 months to save jup again Joe Quote Link to comment Share on other sites More sharing options...
BlockHead Posted May 28, 2012 Report Share Posted May 28, 2012 To put it into perspective, my insurance would have been £1,800 had I paid in one lump, could only afford monthly so they whacked on 37% interest. £210 a month ftl. Quote Link to comment Share on other sites More sharing options...
Silver! Posted May 28, 2012 Report Share Posted May 28, 2012 Pay it in a oner, you'll be happier after and as said, you'll then be saving to pay it next year.Can nobody loan you the amount you need to get it now? Quote Link to comment Share on other sites More sharing options...
katiepollard Posted May 28, 2012 Author Report Share Posted May 28, 2012 Thanks guys,appreciate it, I think I needed a push in the right direction as Iv always said I'm gonna pay annually for the same reasons you've all said, but I can be pretty inpatient and just want to get on the road asap, I'm still waiting for te right lupo to show up to buy and I have the money to purchase it. my average quote annually is just over a grand but paying monthly I'd be forking out around 1800 for the year :/ madness! And I'm gonna have to see if my folks are willing to led me a little bit towards it Quote Link to comment Share on other sites More sharing options...
Skezza Posted August 8, 2012 Report Share Posted August 8, 2012 Personally, I always pay monthly but I've never been told it's going to cost 700 quid more. For this year, it only cost me about 60 pounds more. It was my understanding that if you pay monthly and then happen to cancel, you can leave with only an administration fee to pay or a short term rate. However I've heard stories of annual policies where companies have only offered to refund 50% of the remaining cost (if you subtract the months that have already been used), so essentially, if you have 6 months of your policy remaining, they will only refund you 50% of the amount paid for 6 months cover minus an administration fee. Apparently that's common practice.I might be wrong though tbh,, i've used DL for a while so I have no intention of leaving... but that was always my understanding Quote Link to comment Share on other sites More sharing options...
Defcon5 Posted August 8, 2012 Report Share Posted August 8, 2012 Personally, I always pay monthly but I've never been told it's going to cost 700 quid more. For this year, it only cost me about 60 pounds more.For a young person with no credit history the interest rate is often much larger. They are essentially giving you a loan so have to balance that risk. Quote Link to comment Share on other sites More sharing options...
Skezza Posted August 8, 2012 Report Share Posted August 8, 2012 For a young person with no credit history the interest rate is often much larger. They are essentially giving you a loan so have to balance that risk.Pretty young myself to be fair, only 22 I hope that's still considered young Quote Link to comment Share on other sites More sharing options...
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