theliamw
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Report Thread starter 5 years ago
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Hi, my first post here despite being registered for 2 years
Before I start, I've read almost every article including the one linked here about lowering car insurance.

Just passed my test on Wednesday at 17 years old and my parents are giving me their family car to keep as I really like the car and it'll be handy for my girlfriend and her child . I'm trying to get car insurance paid on a monthly basis, but I could wait and pay upfront, just means waiting longer. Preferably without a telematics box as I find them intrusive and just don't like them (I'm not a boy racer either lol)
The car is a 2002 Mazda Premacy with the 2.0l engine (reg NK52 WLN for anyone wanting to play with quotes). It's got low miles, reliable, big and free so I'm more than happy with it.

So I got a quote from Privelege for £1422 direct from their website. They don't install a box unless you want them to but even then it only lowers the premium by less than £100.
The thing is, there's no option for monthly payments. I fiddled around with added drivers etc, it just increased the premium but I did manage to get monthly payments as an option (£511 and £250 thereafter though )

I've done 819 (Been doing this since before I was even 17 xD) insurance quotes through Moneysupermarket.com and I find this direct quote from privelege to be the best value.

I know you have to be 18+ to pay for monthly payments, but when I was comparing on moneysupermarket some companies offered monthly, obviously if you pay with a card of someone who is 18+. Does anyone know why they don't offer monthly payments for some insurance quotes but do for others?

Or has anyone got any suggestions of what to do with my situation? If I can get a really good price with a box then it might be an option.

Don't really know what I'm asking with this thread I suppose I just want some words from people who have been in this situation before and have experience with insurance etc..

Thanks!
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ichak
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Report 5 years ago
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Hi there,
At a guess they are looking at your DOB and removing the option to pay monthly as it is a credit offering. £1400 seems really good value with a 17 year old on an old car especially with a large engine.

I'd suggest you try phoning them to see what they can do. I usually pay my insurance monthly and a number of companies have sent me details about credit agreements and some don't seem to bother, I'm not sure this that's because they don't regard it as credit but more like pre-pay or not.
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kernow24
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Report 5 years ago
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Most insurers offer a 'loan' to pay for the insurance, your policy is then used as security against the loan, some companies offer monthly payments without doing the 'loan' thing, but the majority use loans from the big finance companies, or another part of their business, hence why you get some offering monthly and others not

You won't get any kind of credit fir insurance at 17, and you'll need to clarify if it's a loan based policybbefore taking one out, if you do sign up for one, your policy will get cancelled and it will make your insurance increase for the next 5 years.

At your age, you need either cleared funds, or a parent willing to get a loan / put it on the credit card / act as guarantor, or to be able to fine a genuine monthly policy, but a lot of the providers have age restrictions on such policies anyway, and they're generally more expensive, and you don't usually amass NCD on them.

Pretty stupid imo, you can pass the test at 17, but can't get the credit to pay the no doubt large insurance policy, a good reason why 3rd party cover should be provided by government for a monthly / yearly fee, just like car tax is now.
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theliamw
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Report Thread starter 5 years ago
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I phoned them and was told that because of my age I couldn't pay monthly even if I made my mam/dad the policy holder because then it would be fronting (apparently I can't change the main driver)...
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