Car insurance help, I need some questions answered about it?

Question

Ok this is the first time I have dont this so any help would be fab! I have found the cheapest company and want to pay in instalments but it says 9 monthly instaments and a deposit which I will pay upfront but how do the instalments work do I not pay anything for the first 3 months of the year or the last?

Also can I choose what day the money will be paid to them each month? And do I have to pay by direct debit or can I do it in the bank? Thanks

Answer 1

If you can't find the information on the insurance company's website - doesn't that say something about the insurance companies attitude to helping their customers.

With regard to payments, companies cary, but I suspect that you will be required to pay 25% deposit and 9 payment commencing one month after the policy inception (for whcih interest will be charged) (under the DMD you must be told howmuch extra will be charged for paying by instalemnts)

I suspect that you won't be able to change the date  - this is a view from what you say about the information on the website.

Of course if you had gone to a local insurance broker they would have told you all the information and answered any question you may have had about payment of premiums etc.

Sometimes it does help to have a professional insurance exspert working for you rather than hoping that the people on Yahoo can help. Who would you trust?

Answer 2

You need to ask the insurance company, not Yahoo.

Answer 3

i have a company that works just like this.  you pay your deposit and that will be enough for the first 2 months.  so you will then have an eft draft  (money taken directly out of your bank act) on whatever day you chose on the 3rd month and then that day each month pymt will come out of your bank act automatically for the next 8 payments.  your company will send you paperwork telling you how much and when your payments will come out.

Answer 4

When they work out how much premium you have to pay, they divide it by 9. This is kind of like council tax, we don't pay 12 months council tax but 10 months if you choose to pay by monthly instalments.

Deposit is usually refundable if, one day you want to cancel the policy with 1 month's notice. It serves as a fine if no notice is being given.

Direct debit through your bank account is the only way to pay for monthly instalments. Of course it will be more expensive then paying yearly. Normally you can choose which day of the month the money will be paid  from your account.

Answer 5

it will be by a monthly direct debit.

You will pay the first 9months and have the rest of the year off.

If you need to pay a deposit this may be classed as one payment, so it could be over 10months.

When ever your car insurance needs renewing is the date you will pay, or from the day you wish to be insured from is normally the day of each month you pay.

Answer 6

you can pay monthly by having the amount auto taken out of the account, or send the the check. When the nine months is up (since you put the deposit down) you should be okay for the rest of the yr. It goes on the end of the 9 month term that you don't pay.

I have rvoling 6 month insurance and I usually pay it off in 4 months and 2 months without a payment before it auto renews.