Monthly insurance payments 'cost drivers £624m extra'
www.moneynews.co.uk > Insurance > Monthly insurance payments 'cost drivers £624m extra'
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Monthly insurance payments 'cost drivers £624m extra'
Mon 9th Jun 2008
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The organisation found that 13 million people choose to pay in this way rather than making a one-off payment, despite the fact that insurance providers are charging 23.8 per cent APR on average for the privilege.
Currently, the average car insurance policy is £459.44 for those who pay their car insurance at one time and £506.76 for motorists who take the monthly option.
With petrol prices having risen 31 per cent since 2007 and insurance premiums increasing, uSwitch suggested that people should reconsider monthly payments.
Ashton Berkhauer, insurance expert at the consumer watchdog, said: "It may seem like a neat solution if you're cash strapped but it carries a hefty interest price tag so should be avoided where possible."
In related news, a recent study from Tesco revealed that Porsches are popular with those about to hit 40, while Fiats and Peugeots are favoured by younger people.
Related News : Insurance |
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