Paying Monthly

RobinRed · Derestricted Danger Joined: 06 May 2012 Karma :

Hi,

If i pay monthly instead of in-full, meaning (i think) it was a deposit of £92, then 9 monthly payments of about £41

What problems could i face doing this? i would have about 4 of the payments set aside, then just work to get the last bit...

or is it a bit risky??

shereen · World Chat Champion Joined: 15 Mar 2011 Karma :

Are you talking about insurance?? Would help if you clarified a bit Shocked

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"The Internet is the first thing that humanity has built that humanity doesn't understand, the largest experiment in anarchy that we have ever had"

iooi · Super Spammer Joined: 14 Jan 2007 Karma :

Depends on what IT is....

If its insurance then DON'T....
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Just because my bike was A DIVVY, does not mean i am......

Kickstart · The Oracle Joined: 04 Feb 2002 Karma :

Hi

Fairly normal for insurance. Note that most of the time you have bought a years insurance and have effectively taken out a load for the payments, so you can't just stop paying.

All the best

Keith
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Traxpics, track day and racing photographs - Bimota Forum - Bike performance / thrust graphs for choosing gearing

CaNsA · Super Spammer Joined: 02 Jan 2008 Karma :

FFS Again!

Is there a need to start a new thread for :-

what bike
insurance
been offered a bike
what helmet
what gear

seriously....

stop filling bcf up with crap, one thread would suffice!

McfcChris94 · Scooby Slapper Joined: 15 Jan 2012 Karma :

It depends on the financial situation, if you say you have the money to pay for the deposit and 4 payments

that would be 92 + (4* 41) which would equal about £256

a lot of TPO cover is about 360, so perhaps waiting, or selling something to earn another 100 quid would be a better option?

CaNsA · Super Spammer Joined: 02 Jan 2008 Karma :

Oh and..

https://www.bikechatforums.com/viewtopic.php?t=85257

Derivative · World Chat Champion Joined: 03 Aug 2010 Karma :

Paying monthly is basically like taking out a loan and paying it back.
When you take out the policy, a finance company pays the insurance co the full annual amount, then you pay back the finance company bit by bit.

Sometimes they're both the same company but the deal is the same.

Generally you pay 30% interest or so to pay monthly, so a £300 policy costs about £400 total.

So the only real issue is that you lose £100 due to impatience.