On the Drip

[John m]

Anybody got a quote for insurance and what is the APR % interest rate they are charging if you pay it monthly ?ECB rates are set to go up again so will they increase the % they charge us to pay by the month ....The European Central Bank (ECB) is set to hike interest rates once again when its Governing Council meets in Frankfurt later today. Markets are forecasting the regulator will increase its main interest rate by a further 0.25 per cent, which will bring its main lending rate to 4.25 per cent – its highest level in more than 20 years.

This will be the ninth time in the last 12 months that the ECB has lifted ...

This has to hurt our business if people need to finde a few ton extra to pay their Mortgages or loans .

[John m]

Insurance is due one month from today but still no quote from Taxifare or Pierse .How long before renewal do they usually quote you ?

[Belker]

Easier to pay it all upfront and get a circa 10% discount fer it, rather than paying by drip and instead adding on circa 10% in interest. It's not like any of us are short of a few quid these days.

[watty]

Insurance is due one month from today but still no quote from Taxifare or Pierse .How long before renewal do they usually quote you ?

I think by law your current insurer has to sent out a renewal 2 or 3 weeks in advance so you can shop around.  A month in advance might be pushing it to get an insurance quote?


I wrote this in another thread but I can't find the document I relied on to write it.  So YMMV...

Got my renewal and it's dropped €100.  Taxifare/FBD quoting me ~€1,400 (€2,800 x 50% NCB) for comprehensive taxi insurance with "full bonus protection."  Haven't read the small print yet so there might still be some gotcha's.

Interestingly, if I'm reading it correctly, they''re only charging a flat 5.25% charge if you pay by direct debit.  Can't remember what Axa/the old BJP used to charge but I think it was up around 18% because I remember thinking at the time, "fuk me, that's credit card interest rates."

[vandriver]

5% straight interest on a 6 months installment plan would be nearly 20% APR.

[John m]

Brit Comparison .https://www.cuvva.com/how-insurance-works/car-insurance-aprs

[watty]

@ vandriver: I paid in full so only glanced at it. Just goes to show you really need to read the small print!

[John m]

There seems to be a lot of hidden interest that we are unaware of .I did a deal with my Credit Card Company .Offered them their Principle back with no interest in a take it or leave it deal over 7 years .They regularly ring me to offer to reactivate my Credit card if I would like but then the balance which is set at 0% would be transferred on to the new card .


Also did a deal during Covid to suspend my Car payments but when it was reactivated the deal was I would incur credit interest payments for any time I went over the original payment time .I paid it all off in one payment and they reduced the interest I owed .

[watty]

I dug out my insurance docs for TaxiFare/FBD and it does seem to be just a fixed charge and NOT a credit card interest rate...

This is from TaxiFare's part of the proposal.   My full premium was approx €1,400 but if I paid by direct debit, it would be approx €1,470.  An extra 5.25% or €69.50






And this is from FBD's part of the proposal.  There is no mention of interest rates, just a fixed service charge?

[mgb1979]

I think by law your current insurer has to sent out a renewal 2 or 3 weeks in advance so you can shop around.  A month in advance might be pushing it to get an insurance quote?

It's 4 weeks (technically it's down as 20 working days, but same thing).
I remember phoning BJP' s last November about 3 weeks prior to the expiry date. Your Man in the office  asked me was my insurance up that day.
When I told him they are legally obliged to send out the renewal pack 4 weeks before the renewal he made up some bullshit about that only applying to private cars.
So then I told him that my car is Taxed Privately. He started bullshitting again, so I just told him to send out the renewal details that Day....and stop with the Lies.

@ John m , just curious, but why would you be expecting renewal details from 2 different Insurers ?

[John m]

@ John m , just curious, but why would you be expecting renewal details from 2 different Insurers ?


I am ringing around for the best quote .