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 Post subject: Be carefull on monthly payments - check if a credit loan
PostPosted: Fri Jan 29, 2010 1:42 am 
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Coupe pedal-car
Coupe pedal-car

Joined: Tue Dec 29, 2009 5:07 pm
Posts: 10
Location: Daventry
Coupe: gen3
My son found this out the hard way.
He opted for the monthly payments on his car insurance premium from his broker - it turned out to be a 12 month credit agreement he was not aware of. His car was written off in an accident - they deducted the remaining payments from the settlement cheque.
This also stops you from changing companies if you get a lower quote.
I checked all my insurances and found that my house buildings & contents insurance is the same set up!


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 Post subject: Re: Be carefull on monthly payments - check if a credit loan
PostPosted: Fri Jan 29, 2010 10:33 am 
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Yep, the Coupe is my life
Yep, the Coupe is my life

Joined: Fri Jun 22, 2007 8:06 pm
Posts: 4148
Location: West Norfolk
This is a commonplace thing for insurance companies to do. Entirely legal too, there would have been some indication in the insurance documents to show this.

You want a service (insurance) but don't have the means to pay for it, so a loan for the term of the insurance is set up.


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