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Sorry but this one shocks even me
Ninehigh - 1/7/13 at 02:01 PM

So I'm sorting out next year's insurance, go through the comparison site, and onto the insurer's one.. Then I go back through the details (on the insurer's site) just to check everything.

The two changes I made was:
adding my phone number
selecting "pay anually"

It went up £40



Changed it back to pay monthly and it went back down, even though I still have the option to pay anually

What The F%&£ing F%&£?

theduck - 1/7/13 at 02:08 PM

How stupid. Insurance is getting more and more ridiculous.

Slimy38 - 1/7/13 at 02:10 PM

quote:
Originally posted by Ninehigh
So I'm sorting out next year's insurance, go through the comparison site, and onto the insurer's one.. Then I go back through the details (on the insurer's site) just to check everything.

The two changes I made was:
adding my phone number
selecting "pay anually"

It went up £40



Changed it back to pay monthly and it went back down, even though I still have the option to pay anually

What The F%&£ing F%&£?


You admitted to having a phone? Oh that's just insurance suicide, they're probably expecting you to be using it while you drive...

mookaloid - 1/7/13 at 02:16 PM

I think I would just pay monthly

Canada EH! - 1/7/13 at 02:17 PM

Not so unusual, would you rather be paid once a year or once a month?
Better to have a small amount coming in monthly than a large amount you have to budget.
Insurance companies have money coming in and going out monthly just like us, so you pay for the privilege of sending one large cheque.

MikeRJ - 1/7/13 at 02:39 PM

quote:
Originally posted by Canada EH!
Not so unusual, would you rather be paid once a year or once a month?
Better to have a small amount coming in monthly than a large amount you have to budget.
Insurance companies have money coming in and going out monthly just like us, so you pay for the privilege of sending one large cheque.


It's very unusual IME, I have never had a quote where it was cheaper to pay monthly rather than as a lump sum. When an insurance company gives you the option to pay monthly they are effectively selling you a finance package, and as usual you pay interest on that credit.

By the way, never put your real telephone number into comparison web sites. I made this mistake a few years back and started getting numerous marketing calls afterwards.

Aaron_n_Sim - 1/7/13 at 02:39 PM

quote:
Changed it back to pay monthly and it went back down, even though I still have the option to pay anually

What The F%&£ing F%&£?


You probably pay a couple of hundred more in interest by paying in instalments, the wife's is £400 more than a one off payment it's finance at the end of the day! They're all thieves

nick205 - 1/7/13 at 02:50 PM

quote:
Originally posted by Canada EH!
Not so unusual, would you rather be paid once a year or once a month?
Better to have a small amount coming in monthly than a large amount you have to budget.
Insurance companies have money coming in and going out monthly just like us, so you pay for the privilege of sending one large cheque.



As a business, I'd rather be paid up front and have the money to invest/accrue interest. A single transaction is also cleaner 10-12 direct debits. IIRC if you make a claim you usually have to pay the outstanding balance as well.

I'd phone the insurer direct and question them, I bet they'll override the website and take your money in one go.

Ninehigh - 1/7/13 at 02:52 PM

Under both situations I have the option to pay monthly or in one lump, the only difference was me stating which way I'd prefer to pay.

mark chandler - 1/7/13 at 05:10 PM

quote:
Originally posted by Canada EH!
Not so unusual, would you rather be paid once a year or once a month?
Better to have a small amount coming in monthly than a large amount you have to budget.
Insurance companies have money coming in and going out monthly just like us, so you pay for the privilege of sending one large cheque.


Cash up front is king, they can then use it elsewhere straight away.

matt_gsxr - 1/7/13 at 09:23 PM

quote:
Originally posted by Canada EH!
Not so unusual, would you rather be paid once a year or once a month?
Better to have a small amount coming in monthly than a large amount you have to budget.
Insurance companies have money coming in and going out monthly just like us, so you pay for the privilege of sending one large cheque.


I can help.
If you want you can send me £1000 and I will send you back £75 a month for 12months. Offer open to anyone on here, I'm kind like that.

spiderman - 2/7/13 at 02:06 AM

quote:
Originally posted by matt_gsxr
quote:
Originally posted by Canada EH!
Not so unusual, would you rather be paid once a year or once a month?
Better to have a small amount coming in monthly than a large amount you have to budget.
Insurance companies have money coming in and going out monthly just like us, so you pay for the privilege of sending one large cheque.


I can help.
If you want you can send me £1000 and I will send you back £75 a month for 12months. Offer open to anyone on here, I'm kind like that.


I will take you up on the offer but I will have to charge you a £150 administration fee.

britishtrident - 2/7/13 at 07:12 AM

Back in the days of using high street brokers was paying monthly and tried to pay the final two payments at once, it through the computer into a mental breakdown and it wanted additional £17.