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Car Insurance?

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
in Home, Law & Money
I was just wondering, for those of you that have cars, do you pay your insurance yearly or monthly? What would you recommend for when I get a car?

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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Ed pays twice a year, I think my parents are that too. But that probably doesn't mean shit to you since that wasn't even an option. :p

    I'd say, it depends on how well you can save. Can you guarantee that you will have x amount of money one time a year when you need it? If not, I'd say montly would be better as it would be alot smaller amounts at one time to deal with.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I pay monthly as my insurance was £1600 last year and is still near £900 this year sooooooooo dont really want to part with that much mulla in one go
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Paid monthly all previous years BUT the credit doesn't make sense when I can buy the year's on cheaper credit and repay it quicker and faster with less interest....
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I pay monthly, because I didn't have £790 in one go (but £790 is goood for a provisional 17 yr old driver with no claims)

    And I only pay for 10 months, then get 1 year NCB, and I get a month off by paying an extra £6 the other months. So I have £86 to blow in September! :D
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Pretty sure my parents insured me for a year :p
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Monthly.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    i insure myself yrly+just put about £60 a month away in a separate account. couldnt pay monthly myself, cos i dont get paid on the same date every month, and what happens if i have an emergency+cant afford the direct debit?? i go into my overdraft, thats wot!
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    sugar_mouse wrote:
    couldnt pay monthly myself, cos i dont get paid on the same date every month, and what happens if i have an emergency+cant afford the direct debit??

    I don't get paid at the same time either, I'm paid every 14 days, regardless of the dates. You just have to work out when you're getting paid, when your drirect debit is, and budget around it ! :)
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Yearly. Have done it yearly ever since my first policy. It's quite easy these days though - £90 for the year, rather than the £850 my first year cost.

    At the time(1998), £850 was a lot of cash to me. It was almost 2 months basic-salary. If you can afford to pay it in one go, then do so. If you can't, then do it monthly - either through the insurance company, or - preferably - on a 0% credit card.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Oh, didn't realise that paying monthly was a credit agreement, I thought it was just an option to pay monthly instead of yearly, like a TV licence (since I'm not buying a fucking fridge or something). 19% APR? Fuck that! I've still got an interest free overdraft if I'm that desperate.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    i pay mine monthly, the interest you pay isnt that much really, it works out easier for me to pay every month rather that a lump sum.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I was about to post a question on car insurance, sorry to hijack this one but thought it best to keep it al ine one thread.

    Ok i've been driving on a full licence for 4yrs. but always been the named driver or on company insurance, so never had a no claims.

    I'm phoning around but their all too much. can anyone suggest a good but cheap insurance company?
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    try swiftcover, they were miles cheaper than anyone when i renewed mine last year.

    you wont find it that cheap tho as you've no NCB as you've never had your own policy. also how old are you?
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    thanks koe, i'm 26.

    So far the best i've got is Elephant, full comp @ £488 but when i asked them about doing it monthly it went to about £580
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I think it's bullshit that they charge interest on paying monthly. I can understand it when you're buying something on credit, because they're actually giving something upfront that's worth more than the individual payments. But if they're providing a service, then they're not. I guess that's why I figured it was just a 12 month pay-monthly contract like a phone or health insurance.
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