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Motorists pay 'penal interest' on instalment insurance Irish Independent

19.05.10

MOTORISTS are being forced to pay penal interest charges of up to 20pc when they choose to pay their insurance policies by instalment, it was revealed yesterday.

The interest charge can add €70 to the cost of insuring a typical family car which attracts a premium of €686, according to the National Consumer Agency (NCA).

The agency, which is funded by the State, warned drivers that the high rates of interest imposed on those who pay their policies monthly may wipe out their efforts in seeking the best value insurance.

NCA chief executive Ann Fitzgerald said drivers might be better off taking out a loan over a short period to pay their insurance rather than availing of expensive instalment payments arrangements.

"If you are shopping around for car insurance and you intend to pay by instalment, it is important to know how much extra you are paying for this credit.

Cheapest

"Bear in mind that the provider that offers the cheapest insurance may not offer the lowest rate on instalments."

Source:

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