First payment on insurance

[phillip2]

I just set up a pay monthy insurance and he said the first payment will come out a month after it starts and i set it to start next week, but straight away the first bigger payment has come out , is this the deposit and does that come out first straight away then te next one wil be just over a month, tried calling but there shut now

[minicore]

On insurance of, say, £1,000/year paid monthly, you'll pay the first month plus whatever fees they're slapping on for the privilege of arranging cover, payment by instalment etc, then the remainder over 11 months.

So, with the interest (lets say £1,200 inclusive), this would likely be something akin to £210.10 upfront, then 11 payments of £90.90. This sounds kinda like what you're explaining... I guess the next payment will be 30 days from your agreed start date next week? I would've imagined they'd take the first payment just prior to cover starting though... it's not like you need to pay a "deposit" on insurance?

Worst case scenario as I see it, is that you're insured now... so you're effectively losing a few days of "actual" cover? Might be worth checking for your peace of mind...

[phillip2]

yeah il check thanks, i think thats right

[KissmyS]

I arranged my insurance yesterday via Mini Insurance (believe it or not the cheapest quote I managed to get).

I have a payment of £56 up front which covers the first and last month of insurance, followed by 10 x payments of £29. The first payment is taken straight away, then the first of the 10 following payments is taken on the 25th of Feb.

I would imagine that while they have taken the payment now, the cover will start on whatever date you agreed next week. Check your policy just in case, its so bloody expensive that you don't want to loose out on a weeks worth of cover!

[phillip2]

your telling me !, its a joke insurance but sounds right but i will ring and check, thanks

[minicore]

Quote: Originally Posted by KissmyS (original)

I have a payment of £56 up front which covers the first and last month of insurance, followed by 10 x payments of £29 ... its so bloody expensive that you don't want to loose out on a weeks worth of cover!

So, under £350/year? Crikey, if you think that's expensive you should see what I'm paying!

[phillip2]

same ^ how old are you and when did you pass?

[minicore]

27, 10 years ago, and I still pay a considerable amount, albeit on a JCW.

[phillip2]

ahh thats why then

[KissmyS]

Quote: Originally Posted by minicore (original)

So, under £350/year? Crikey, if you think that's expensive you should see what I'm paying!

Ah, I passed my test in 1990 and hit 40 this year!

Probably a bit old for a Cooper S - hold on, no feck it - I am not too old, and before anyone jumps in I am not having a mid-life crisis!

[KissmyS]

Quote: Originally Posted by minicore (original)

27, 10 years ago, and I still pay a considerable amount, albeit on a JCW.

When I was looking for insurance I also got a quote on a JCW - just as a comparison. JCW was between £15 and £150 more per year extra - most quotes were no more than £30 extra! Very odd given I would have had circa +40 bhp under my right foot!

The only reason I didn't go for a JCW was because I could not find a clean example with FSH, low miles etc for my budget - otherwise I would have gone for the JCW.