Monthly Payments?

Edin430 · Post by **Edin430** » Sun Jan 06, 2008 12:41 am

About to take a policy out with Elephant ...

Does anyone know if you pay monthly what the first payment would be? I know they usually take a deposit off you but does anyone know how much? i.e 1 months payment, 2 months etc.

Last policy with them was all paid in full and my Endsleigh insurance was 2 months..

p.s - its going to be a 10 month b/a

jj · Post by jj » Sun Jan 06, 2008 12:57 am

I had the guy on the phone try to sell me the "monthly" thing when I renewed - out of curiosity I let him rattle of the figures. They absolutely pull your pants down, think the rate was 29.something% APR.

Much better to pay it in one go in my opinion, as its a ripoff.

robin · Post by **robin** » Sun Jan 06, 2008 9:41 am

Indeed, with some careful planning you may well be better off doing it on a credit card then setting up a DD to pay off the card at 1/12th per month. This would make sense if you could get a 6-month free on new purchases type of card (or better still, two staggered by 6-months).

Failing that a personal loan from a bank will likely still come in cheaper than the insurance company rip-off rates.

Cheers,
Robin

gorrie · Post by **gorrie** » Sun Jan 06, 2008 10:00 am

^^^^
what he said... even without introductory 0% rates a credit card is still miles better than 29.9% APR... that's shocking.

BTW, top tip... if you have a Halifax or BoS card, give them a call and tell them you ain't happy about the rate you are on and are thinking about cancelling the card.

We had a BoS Visa card that we never used because it's rate was higher than other cards we had, plus a Halifax Mastercard which was occassionally used. We genuinely called BoS to cancel the Visa and they reduced the rate from something like 12% down to 9.5%... we then called Halifax (same people) and asked them to reduce the Mastercard rate. They put it down to 7%... so we questioned them about our BoS card which had been put down to 9.5%, and the girl from Halifax reduced that to 7% also...

Edin430 · Post by **Edin430** » Sun Jan 06, 2008 12:18 pm

Hmmmm interesting

I don't have any kind of credit cards and loans as i'm kinda scared to take one knowing how I spend money!

I will call up and ask and let you guys know what the response was

Daveb · Post by **Daveb** » Sun Jan 06, 2008 10:22 pm

Yup no such thing as monthly repayments. They loan you the money and charge you good for it.

dezzy · Post by **dezzy** » Mon Jan 07, 2008 12:16 am

Past 2 years when renewing my insurance I've just stuck it on an interest free credit card and then paid that back over a few months rather than take the whack on the insurance company interest.

Check out moneysupermarket.com for the best current deals on 0% purchase cards.

As long as you are strict with yourself and make sure you pay it off in the 6 months 0% period or whatever, then definitely the best option!

D

RDH · Post by **RDH** » Mon Jan 07, 2008 9:15 am

NOOPS 160 wrote: I won't say how embarissing my 160 is ...

robin · Post by **robin** » Mon Jan 07, 2008 9:26 am

I wish I was as old as you/had your postcode. Totally clean license, 42 and counting, no accidents to report (there was an accident in 2001 but that's off the radar now), 5 years NCB and I still paid nearly 400 for the elise insurance last time I renewed. Mind you the toyota and BMW are in the 210 range I think!

Cheers,
Robin

BiggestNizzy · Post by **BiggestNizzy** » Mon Jan 07, 2008 9:41 am

Hmm I'm 31 and have crashed everything I have ever driven I have 3 points for speeding and the Elise & Clio comes in at a combined £522, as it appears the clio is gratis as the insurance for the Elise alone is £522

Forgot to add I have 7 Years no claims! and have only just started protecting it I bought the clio new for the free insurance

and after one year they gave me 5 years NCB

:D:D

neil · Post by **neil** » Mon Jan 07, 2008 1:16 pm

BiggestNizzy wrote:Hmm I'm 31 and have crashed everything I have ever driven I have 3 points for speeding and the Elise & Clio comes in at a combined £522, as it appears the clio is gratis as the insurance for the Elise alone is £522

Forgot to add I have 7 Years no claims! and have only just started protecting it I bought the clio new for the free insurance and after one year they gave me 5 years NCB :D:D

Who's this with? The Exige is up for renewal this month and I'm looking to get my shed tied in with it

Edin430 · Post by **Edin430** » Thu Jan 10, 2008 9:05 pm

Well seeing as I was 5k last year

I'm use to getting hammered from insurance companies..

But turned 21 yesterday and just had a quote from Elephant....

£1200

I feel like I've won the lottery

Post by **campbell** » Fri Jan 11, 2008 12:45 am

X7LDA wrote:Hmmmm interesting

I don't have any kind of credit cards and loans as i'm kinda scared to take one knowing how I spend money!

I will call up and ask and let you guys know what the response was

Robin's on the money here, get a good deal with plastic, but set up a DD to pay it down over the year, lock the card away somewhere (you could actually probably destroy it!) and convince yourself you don't have a credit card, just a darn good interest free car insurance deal