Car Insurance Renewal...

[Artimus]

It's that time of year again and my renewal is due.

I usually pay in instalments because Insurance Co's don't have the best reputation for paying out in the event of a claim once they have your dough, but I'm seriously considering paying in full upfront for the first time and wondered if there are any other reasons not to - apart from saving 40 quid or so on the premium costs, are there any other benefits?

What option do you prefer?

Thanks.

 

[TomL83]

I pay £33 a month. Would rather do that and pay an extra £30 for the year than paying in full.

 

[losirob]

For the first time I paid in full & saved £75 +

 

[AlexGSi2000]

I paid in full for the first time this year - this is because its the first time my insurance has cost less than a grand!
I took out a 6month 0% credit card and paid with that..... So I am paying off the card in installments but without any APR.

 

[Artimus]

I've just found out I'm due a £500 bonus next month, so that swings it for me ...I'll pay in full and hope it doesn't put the mockers on my 13 year NCD.

Thanks to those that replied.

 

[audigex]

I've always paid in full because I had the cash available and it saves a LOT of money when looking at £1500-2000/year premiums. It wasn't worth the extra £200/year or more to pay monthly

Now that my premium has dropped fairly significantly and I've got my own house, I'm more wary of reducing my available savings in case I need a new boiler or similar, so I take the hit and pay monthly. With the lower premiums, though, it's only costing me £40/year... I spend more than £3/month on biscuits.

If you have the cash and discipline to pay it back into your savings monthly, I'd pay up front... but if you're likely to spend rather than save, or if money is tight, I don't see any issue with monthly, especially if your premium is towards the £500 mark rather than £2k

 

[jojo]

I have 4 separate insurance policies, I always pay in full! I'm the type of guy who would pay anything in instalments if I can help it though.

 

[Shandow]

I have always paid in full. Never knew heard about the payout thing but it's definitely good to know..

 

[T.Will]

I used to pay in full when I was able to afford to do so. Now, I'm paying monthly.

 

[jojo]

I just renewed on Wednesday, paid in full, it was 218 quid fully comp, so no point paying in sntalments! Lol

 

[xpoweruk]

No idea if it has a benefit ?
but I payed in full this year as it suited me

 

[Alix81]

I always pay in full. I prefer that than money coming out my bank every month and it works out slightly cheaper.

 

[Briggo]

and it works out slightly cheaper.

Depends on the insurer, some offer 0% charge on instalment payments.