Insurance - Pay by the month or the year

Naos

Hi Folks,

Been into cars for a long time but only now, at the ripe old age of 23, have I purchased a car. I will be getting insurance on it later on today but am debating whether to pay by the month or the year.

If I pay by the year, the cost will be 1666e. If I pay by the month, it's a 355e deposit and then 142e a month = 1780e.

Heres the kicker: I don't know if I'm going to be in the country for the full year, I'm thinking about going away from around May or so.

If I was to pay in full would I get any money back when I cancel my policy?

Thanks in advance

Trampas

what are you going to do with the car?

keep it until you get back?

Naos

I have not thought that far ahead. I'd either allow my sister to drive it or sell it, probably would depend on funds at the time

When I say go away I mean for 3 months+

craichoe

Trampas wrote: »

what are you going to do with the car?

keep it until you get back?

Nice, Question with a Question ...

Anyways op, you can still get a refund for the portion left on the policy .. per month will cost you more as you've said as it is effectively a loan.

Naos

Okay good. I'll have the money to pay now, I was just concerned what would happen if I had a few months left over on the policy, didn't want to pay for something I was not using.

Thanks Craichoe

L-M

Naos wrote: »

Okay good. I'll have the money to pay now, I was just concerned what would happen if I had a few months left over on the policy, didn't want to pay for something I was not using.

Thanks Craichoe

If it's with Quinn, they have a cancellation fee for 50 yo yo's.

Gumbo

any bear in mind that if you take the policy now and cancel it in may, then you have been covered for 6 months, but you will not get back half from them.

they should have a break down on their policy stating what you get back after one month, three months, 6 months etc etc


if you pay by the month, then in may you can just cancel the policy and cancel the direct debit but they may come back looking for a settlement as im nearly sure when you pay by the month you actually take out a loan with another totally separate company.

Naos

Okay.

It is with Quinn. So what is the general consensus then if I'm planning to leave? By the month or the year - or would they work out roughly the same?

Naos

Quinn Direct wrote:

You may cancel the policy at any time by notifying us and
returning the certificate of insurance and insurance disc. We will refund your premium for any period of insurance remaining, less an administration fee of 50e

Excellent Pay in full all the way so. Thanks for your help lads, much appreciated.

Buffman

Not an anwser to your question, but that price seems a bit hefty. I'm in similar circumstances to yourself age and licence wise, and am paying a fair bit less than that with a crowd called Brittons. Worth a phone call for yourself I reckon. We were just on about it in another tread there.