How much is your RS to insure ???

[Alex_225]

It's all a bit of a joke to be honest, I mean it's £525 but if I pay it per month I have interest put on it, then tax as well so overall it's £600 over the year.

It's a whole £4 a month cheaper haha.

 

[Karl]

It's all a bit of a joke to be honest, I mean it's £525 but if I pay it per month I have interest put on it, then tax as well so overall it's £600 over the year.

It's a whole £4 a month cheaper haha.

Intrest always a killer

 

[Alex_225]

Yeah it's a b!tch considering it's the insurance company 'lending' you the money to pay for it monthly yet you're only paying a month's insurance at a time anyway!!

License to print money, bunch of w*nkers!! lol

 

[Matt]

Yeah it's a b!tch considering it's the insurance company 'lending' you the money to pay for it monthly yet you're only paying a month's insurance at a time anyway!!

License to print money, bunch of w*nkers!! lol

That's a very good point... Never thought of it that way!

Luckily I pay a year at a time but I'm sure I'll have to pay it in installments at some stage (interest free credit card ftw?).

 

[Karl]

I pay monthly so always a bit of intrest on it but hay nothing i can do

 

[skyinsurance]

License to print money, bunch of w*nkers!! lol

You say that but the UK insurance industry is running at a loss, ie more is paid out in claims than taken through premiums. It is time for the government to step in and sort out the whole industry.

Ollie
Sky Insurance

 

[Karl]

License to print money, bunch of w*nkers!! lol

You say that but the UK insurance industry is running at a loss, ie more is paid out in claims than taken through premiums. It is time for the government to step in and sort out the whole industry.

Ollie
Sky Insurance

Whole industry dont you mean country ?

 

[Alex_225]

The industry running at a loss or not. From a consumer perspective, paying interest on money that is never actually lent to me seems like a p!ss take.

It's like me taking out a subsription to a magazine. I can pay for ten issues at £100 up front or if I pay for them as they arrive monthly, I have to pay interest on the £100 because they're lending me the money to buy something I'm getting monthly!

 

[Dan250]

I'm 31 with 1 years no claims and my girlfriend is 25 with 5 years. On Admiral multicar, it cost me just over £300 to insure the 250 and just under £200 for the girlfriend on the 133. Both insured to drive both cars though.

There's gotta be some perks to getting old and living in Norfolk

 

[Karl]

Good choice on both cars mate and nice cheap insurance i wish i could say the same

 

[Steve-o]

Insurance by monthly is just the same as hire purchase of any other product. Just because you dont realise the value doesnt mean it has any less of a value. Insurance is the last real bargain if you actually use it, I agree being a legal requirement is a in some instances a 'licence to print money' but free market economics usually counters this if you shop around. Anyway I pay £575 on my GT with all mods declared. Im nearly 23 with 4 years no claims

 

[Alex_225]

Yes but what are they lending me?? Nothing as far as the consumer is concerned becuase your paying for a service by the month.

It's a cheek because 2 months into a policy I could cancel, so I've paid for two months insurance and got two months insurance. Yet I have to pay interest on that because they claim they're lending me the money for the whole year!

It's not the cost of the insurance I take issue with as I personally don't think it's unreasonable. I think paying more because you're paying monthly is a bit harsh.

There any many things you pay monthly for, mobile phones, gas bills, TV licence yet none of them charge you interest for paying monthly, or at least don't show you that they do.

 

[Steve-o]

Well that's the principle of freedom of contract and hire purchase agreements. You accept those terms or you don't, that's the way it is unfortunately. The interest rates you see for any credit agreement are negotiable, just few people ever challenge them.

 

[Dan250]

I'm with Alex. If you choose to pay your council tax monthly it doesn't cost any more. I think month by month is how it should be standard. Why should we be forced to either hand over the full year at the start, or effectivley borrow the money?

 

[Dan250]

It's not like buying a whole car on HP and paying interest on what you've already got. Cover is spread out across the year. £600 a year to insure - £50 a month upfront sounds fair.

It's like hiring a car for a year and being made to take out an interest bearing loan to pay for the full year up front.

That's not fair.

 

[Steve-o]

Some wires crossed here. I dont support the interest lol, but you are not forced to do anything. You agree to the terms of a contract. If more people challenged it then maybe they would change their approach. I'm not saying it's right, but if u were buying anything else hire purchase or on finance, like your car fir example, u get charged interest, it's the same principle. It may also be another method of subsidising the cost of other premiums.

 

[Steve-o]

Dan, u are still buying a product. Insurance is classified as a financial product. U are not hiring, u are buying.

 

[Dan250]

It's packaged as a product, but really it's a service. The only reason is so they have more money sitting in their banks, more of the time to make them more money.

 

[Steve-o]

Lol a service is a product! My masters work and phd proposal are based on contract law in business. I find many instances which appear on the surface to be unfair but in a wider context have a positive economic influence. The subsidiary effect of interest in financial products actually helps lower the base premium.

 

[Alex_225]

Some wires crossed here. I dont support the interest lol, but you are not forced to do anything. You agree to the terms of a contract. If more people challenged it then maybe they would change their approach. I'm not saying it's right, but if u were buying anything else hire purchase or on finance, like your car fir example, u get charged interest, it's the same principle. It may also be another method of subsidising the cost of other premiums.

You are absolutely right mate, we do indeed have a choice and it is a contract we all choose to enter.

It's just that frustrating interest that unless you're prepared to pay the lot up front, you have to pay more. The hole HP thing has people by the balls that's all. Like you say it may be a way of them subsidising other costs. :?