General · 3 hours ago
Paying car insurance monthly costs more than credit cards, Which? finds
Photo by Sara Kurfeß on Unsplash
Around 15 million UK drivers spread their car insurance cover over monthly instalments, known as premium finance. In August, Which? checked 36 quotes from 30 insurers, finding a typical interest rate of 26.2%, with some above 50%. Which? is calling for a prohibition on insurers imposing additional charges for customers who pay monthly.
Reported by Independent · How we write briefs