Insurance companies that do installments?

Gregsor

I am currently with One Direct/Hibernian and i always pay by installment method and i have received a quite large renewal figure so i am looking to shop around.

Are there any other companies out there doing this way of payment people could recommend and even better be regarded as reasonable?

Nissan doctor

All of them do it.

Gregsor

Nissan doctor wrote: »

All of them do it.

Really,i was unaware of that.

Keeping it to themselves then.

bazz26

Yep most if not all do as they can make a nice profit from the interest charged by paying via installments.

Gregsor

bazz26 wrote: »

Yep most if not all do as they can make a nice profit from the interest charged by paying via installments.

True that but paying E1k+ doesn't leave a car owner much choice and it has been the way i have had to do it for a few years.

I would imagine most would offer it at present with the difficulties facing car owners but just wondering is there one gem amongst the gangsters.

patrickc

if your with axa and have a credit union account the payments are interest free

andyseadog

i've always been offered it, firstly from Quinn, then Asgard, i've spend a couple of years with both.

none of my policies have ever been much under 1000 euro, so i asume in the interest of selling an already expensive policy they offer it on the installment plan because its more manageable for the policy holder to pay for and they make even more money from it.

CiniO

They make a big money on it.
I always pay in one go.

ottostreet

FBD may not have liked the cars I was insuring with them, but I have to recommend them in this regard....very very low interest rate on paying by instalment...I think I paid about 60 euro interest over a year on an 1100 euro policy.

Cookie_Monster

CiniO wrote: »

They make a big money on it.
I always pay in one go.

7%*, hardly huge. You'd pay higher interest on a short term loan for it.

*Aviva, last June

langdang

Cookie_Monster wrote: »

7%*, hardly huge. You'd pay higher interest on a short term loan for it.

*Aviva, last June

Some of them are taking the piss on monthly direct debits, but many seem to offer a choice of 1 lump sum, and 5-6 other payments over say 6 months for low or zero interest. AXA and FBD will do this if you ask them.

I always pay in one lump so the above is second hand info...

EDIT - I don't know what a tracker mortgage is.... how does Quinns "20% deposit + 6.67% interest on 10 monthly payments" equate to 20% apr?? confused.. I'm more of a no debts, cash up front person..

langdang

From consumer website

http://www.consumerconnect.ie/eng/News_+_Research/Press%20Releases/motor-insurance-costs-survey.html

Update: 28 May 2010

Clarification on the motor insurance cost comparison
In the original release issued 19 May 2010 (see above) it was stated that a cost comparison showed the variation in interest rates charged by firms for payment by monthly instalment, ranging from 4.25% (APR) up to 19.9% (APR).
Aviva and FBD erroneously provided the flat rate and not the APR equivalent as requested by the NCA. This results in Aviva's figure changing from 7% to 20.1%. For FBD, the figure has changed from 4.25% to 13.4%.
In the original survey, Allianz stated that it does not charge interest but gave a service charge of 8%. This has been converted from a service charge of 8% to an APR equivalent of 18.6% for comparison purposes below.
These rates have now been updated in the cost comparison on itsyourmoney.ie.
The correct rates charged on monthly instalments (APR) for all firms are as follows:
Allianz - 18.6% APR charged on instalments
Aviva - 20.1%
Axa - 17.04%
Chartis - n/a
FBD - 13.4%
Quinn - 19.66%
RSA - 13.7%
Zurich - 19.9%

Cookie_Monster

^^

That makes it look a whole lot worse tbh

My quote was around 935 last year, or 10 payments of 100 which I opted for. so an extra 65 quid for not having to spring for it all upfront and spend it on holidays instead was completely worth it

langdang

Cookie_Monster wrote: »

That makes it look a whole lot worse tbh

Yup, makes me wonder what guff herself has been given over the phone about her payment plans. Sounds like they tend to quote the flat rate over the phone (or maybe there is an alternative option with lower interest).

I suppose all that really matters is the total cost added on to the original price.

kc66

I think mine last year cost around €20 more paying in installments than paying in 1 go. Insurance was low enough, around €450.

cgc5483

I can never understand how they can charge interest on your premium to be honest. You are entitled to cancel your policy at any time and be refunded what remains. Why can't you just pay 2 months in advance.