Monthly Payment Plans
How do monthly payment plans work for car insurance?
Most insurers will offer you the option to spread your payments. Payment plans normally involve a deposit payment equivalent to 2 months instalments and 10 fixed monthly payments the value of which depends on the policy amount and terms set by the insurer. It is worth bearing in mind that typical APRs can be over 40% for some insurers so if you are able to pay in one single instalment then it will save you money in the longer term.