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Do you have to pay your car insurance in a lump sum annually?

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  • 29-09-2010 10:55am
    #1
    ulysses31
    Registered Users Posts: 19 ✭


    I'm with 123.ie and my insurance is about 700. Can this be broken down over the year with any insurance company?


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    #2
    jor el
    Closed Accounts Posts: 16,713 ✭✭✭✭jor el


    All depends on the company or broker. Some allow it, some don't. It will be subject to a credit agreement, which essentially makes it a loan. Quinn Direct offer payment plans anyway, not sure about others.


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    #3
    Cool Mo D
    Registered Users Posts: 1,419 ✭✭✭Cool Mo D


    Quinn allow it, but at a fairly hefty interest rate. You might be paying less in interest in the long run if you take out a bank or credit union loan instead.


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    #4
    Cookie_Monster
    Registered Users Posts: 24,501 ✭✭✭✭Cookie_Monster


    some allow it, some don't
    Aviva do it over 10 months but it costs 7% of premium


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    #5
    hidinginthebush
    Closed Accounts Posts: 2,679 ✭✭✭hidinginthebush


    I've been insured through AIB (underwritten by hibernian) and travellers insurance (through 123.ie). With both companies, paying monthly (though with travellers I have to pay 25% up front) worked out exactly the same, or as close could be when paying monthly (since you can't pay 0.1 cent), as paying as a once off.


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    #6
    dlambirl
    Registered Users Posts: 2,062 ✭✭✭dlambirl


    Most insurance companies will allow this, there is a slight fee for the convience but I've never noticed a big difference and for the convenience of paying monthly its worth it!


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    #7
    Drummerboy2
    Registered Users Posts: 888 ✭✭✭Drummerboy2


    Quinn do it alright over ten payments plus a sizeable lump sum deposit up front of about €110


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    #8
    eagle_i
    Closed Accounts Posts: 89 ✭✭eagle_i


    123.ie, like most (if not all) insurance comanies/broker allow spread payment over a 10/12 month period. Go to 123's FAQ's and scroll down to 'How can I pay my premium?' and there is the answer to your question.

    Spreading your payment is a financing arrangment, interest will be charged and can vary from one company to another.


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