What Is The Difference Between Monthly Car Insurance Premiums And A Monthly Car Insurance Policy?
When would you buy car insurance in instalments
?If you have recently bought a car but cannot afford to pay for the entire year's insurance upfront you may wish to discuss with the insurer to pay in monthly instalments and spread the cost of your car insurance.
If this payment option is for you, make sure that you read the terms and conditions for the policy as some companies may charge you interest for paying monthly. Insurers will offer different payment methods such as direct debit and standing orders so you should shop around to find a deal that suits your needs and your budget.
When would you buy a monthly car insurance policy?
Monthly car insurance otherwise known as pay as you go car insurance (PAYG) allows you to renew on a month by month basis and can be cancelled as and when you want. This type of policy would be appropriate if you knew you didn't need 12 months insurance, for example, if you are in the process of selling your car, or if you are going off to college in a few months.
It is important to understand that the monthly premiums on a PAYG policy will work out more expensive than the annual policy, as you are paying for the flexibility and convenience.
If you are unsure as to how many months you will need insurance but know it is over 6 months you should get both quotes for annual policies and monthly car insurance policies and look at the cancellation fees to work out which will be cheaper or more suitable for your needs.
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