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Insurance by dd or one full payment?

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  • 29-12-2016 2:45pm
    #1
    thestar
    Registered Users Posts: 503 ✭✭✭


    Is it better to pay insurance in one sum? The thing I would have against paying in full is if my car crocked it in 3 months time..what happens then?


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    #2
    Donal55
    Closed Accounts Posts: 2,023 ✭✭✭Donal55


    thestar wrote: »
    Is it better to pay insurance in one sum? The thing I would have against paying in full is if my car crocked it in 3 months time..what happens then?

    Id pay it in full if I could afford to. For now its dd.


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    #3
    Atlantic Dawn
    Registered Users Posts: 82,791 ✭✭✭✭Atlantic Dawn
    M


    It's normally more expensive by DD, could be 10-15% more, pay in full if you can afford to.


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    #4
    TheBody
    Registered Users Posts: 5,624 ✭✭✭TheBody


    It's usually cheaper to pay in one lump rather than in installments.

    You can transfer your insurance to a new car if you ever get a new/replacement car. There may be an admin charge for that or you may have to pay a top up if the replacement car is worth more than the old one.


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    #5
    theteal
    Registered Users Posts: 7,593 ✭✭✭theteal


    Paying in installments is basically a high interest loan. Always better to pay in full. If you cancel you get a refund.


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    #6
    Aint Eazy Being Cheezy
    Registered Users Posts: 4,631 ✭✭✭Aint Eazy Being Cheezy


    In full, if possible. And if your car does get crocked and you need to park it up for a while, most companies let you freeze the policy for a while. And if you decided not to get a new car, you can cancel the policy and get the unused months refunded.


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    #7
    bazz26
    Registered Users Posts: 51,253 ✭✭✭✭bazz26


    I just pay mine up front, just want that annual bill out of the way. Cheaper in the long run too as your not paying interest on monthly payments.


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    #8
    corglass
    Registered Users Posts: 1,113 ✭✭✭corglass


    If you pay in full in January and write off the car in February you could in theory get refunded for the 11 unused months (assuming you didn't get a replacement car)


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    #9
    corglass
    Registered Users Posts: 1,113 ✭✭✭corglass


    (delete duplicate post)


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    #10
    corglass
    Registered Users Posts: 1,113 ✭✭✭corglass


    (delete duplicate post)


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    #11
    ironclaw
    Registered Users Posts: 8,004 ✭✭✭ironclaw


    corglass wrote: »
    If you pay in full in January and write off the car in February you could in theory get refunded for the 11 unused months (assuming you didn't get a replacement car)

    Just be mindful there are aspects of the insurance fee that are non-refundable, so you won't get your fee divided by 12 times the number of unused months back. Still cheaper than DD however.


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    #12
    grogi
    Registered Users Posts: 8,615 ✭✭✭grogi


    ironclaw wrote: »
    Just be mindful there are aspects of the insurance fee that are non-refundable, so you won't get your fee divided by 12 times the number of unused months back. Still cheaper than DD however.

    Read the fine print...

    Even when you are doing DD, you are signing a year-long contract and will have to pay the same cancelation penalty.

    Always better to pay in full


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    #13
    Kenjataimu
    Closed Accounts Posts: 4,429 ✭✭✭Kenjataimu


    BOI car insurance had 0% interest rate when I signed up last year.


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    #14
    Voodoomelon
    Registered Users Posts: 9,660 ✭✭✭Voodoomelon


    ^^Yep, I always pay everything up front, but BOI charge nothing to spread it out, so makes sense to do it.


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    #15
    James Bond Junior
    Registered Users Posts: 5,139 ✭✭✭James Bond Junior


    After getting caught out by setanta folding and losing 8 months of a fully paid premium I'd rather go monthly.


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    #16
    newacc2015
    Closed Accounts Posts: 2,379 ✭✭✭newacc2015


    James Bond Junior wrote: »
    After getting caught out by setanta folding and losing 8 months of a fully paid premium I'd rather go monthly.

    Or you could just ensure you buy insurance from a company regulated in Ireland rather than insurance underwritten in a tax haven with zero regulation. AIG or Liberty aren't going anywhere. Insurance underwritten from a glorified post box in a tax haven might not be here next year. Just make sure to buy insurance from the decent company


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    #17
    mayota
    Registered Users Posts: 1,551 ✭✭✭mayota


    James Bond Junior wrote: »
    After getting caught out by setanta folding and losing 8 months of a fully paid premium I'd rather go monthly.

    I had 2 policy's with setanta one 9 and the other 5 months remaining and got refunded through chargeback on Boi card.


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    #18
    cplwhisper
    Registered Users Posts: 797 ✭✭✭cplwhisper


    If it's year 1 with new insurer and ur not sure if you'll keep policy , the DD.

    If paid in full in year 1 then rule below applies -
    There is a clause called Short Term Rates that results in , only 90% returned if policy cancelled in first month of policy on cover. The percentage you get back is reduced as low as 10% if policy runs about 9months

    *If claim since inception then NO REFUND ************************************


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    #19
    honda boi
    Registered Users Posts: 1,719 ✭✭✭honda boi


    I paid in full for the first time ever on my motorcycle policy last January . was in an accident in march,(not my fault) bike written off but was told I won't get a refund of any percentage because I was in an accident.


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    #20
    Liam McPoyle
    Closed Accounts Posts: 14,846 ✭✭✭✭Liam McPoyle


    honda boi wrote: »
    I paid in full for the first time ever on my motorcycle policy last January . was in an accident in march,(not my fault) bike written off but was told I won't get a refund of any percentage because I was in an accident.

    If it was not your fault then your insurer would not be paying the claim so they have no right to retain the premium paid.


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