Computerquote Insurance offers you a unique way to pay for your insurance online: the Pay As You Go monthly instalment plan. Unlike most annual instalment plans offered by other insurers, you can stop, start or cancel at any time with no penalties as long as you keep your payments up to date and give cancellation instructions over the telephone or in writing.
For motor insurance a deposit is required, by credit or debit card, of 12% of the total annual cost including all charges. For home insurance, the deposit payable is 8.33% of the total annual cost including all charges. In both cases, the balance is payable over 11 equal monthly payments by Direct Debit. At renewal, no deposit is required and the balance is payable over 12 months of equal instalments. Funding may be provided by us or by Premium Credit Limited, Premium Credit House, 60 East Street, Epsom, Surrey KT17 1HB. You will be advised accordingly.
The premium is subject to an interest charge when using the Direct Debit facility; based on the total price, the current rates are:
|Car insurance||13.65%||27.20% typical variable||12.00% of total premium|
|Van insurance||13.65%||27.20% typical variable||20.00% of total premium|
|Car and Van insurance renewals||13.65%||27.20% typical variable||None|
|Home insurance||11.90%||23.50% typical variable||8.33% of total premium|
|Home insurance renewals||11.90%||23.50% typical variable||None
Example - Interest charges for a new car insurance policy
If the total premium is £500.00, a deposit of 12.00% (£60.00) is payable. The remaining balance of £440.00 is paid over 11 instalments with interest charges of 13.65% (APR 27.20% typical variable). Therefore, the interest charge for the year is £60.06 and the monthly payment is £45.46 or (£440.00 + £60.06) ÷ 11.
Pay As You Go is available for car, van or home insurance policies arranged by phone or online.
For more information about the Computerquote Insurance Pay As You Go instalment plan, call us on 0800 389 9949. Alternatively, request a callback here.