insurance without finance for monthly payments

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SamanthaG

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Looking for horse insurance I have found that they want to enter you In to a credit agreement. I dont want a credit agreement I just want to pay monthly. Does anyone know what company lets you pay monthly the old fashioned way. NOT E&L please!
 
Humm. I dont mind paying a little more as monthly is more manageable. I just don't have 300 spare at the moment. Ii just do t see why I can't pay the company direct. I don't want a loan agreement.
 
If you want to pay monthly then you are getting credit, you take insurance for a year so unless you pay in advance, you have been provided with credit and therefore it is only normal to enter into an agreement to protect both parties. Not sure about horse insurance but for NFU car insurance the interest is very low (think it's either 2 or 4%)
 
Either that or you self insure? I know of people who set up an account with their vets, and the owner just pays a monthly amount into this account for any vets fees which crop up. Paying an insurance policy monthly, the interest rates aren't massively high
 
It is a finance agreement, as you have to be credit worthy for the insurance company to be willing to basically lend you the money. You can pay upfront or you can pay monthly, and to pay monthly you have to pay an extra X% on top and enter into a credit agreement. It's so that if you don't pay, they can get the money off you.
 
The only other way to do it would be to use a credit card then move it to a 0% agreement and pay it off monthly over 9 or 12 months. You'll pay the transfer fee and you'll still have a credit agreement but with the card, so maybe not much help. Cheaper than the APR through the insurance companies usually though.
 
Lovescobs said:
The only other way to do it would be to use a credit card then move it to a 0% agreement and pay it off monthly over 9 or 12 months. You'll pay the transfer fee and you'll still have a credit agreement but with the card, so maybe not much help. Cheaper than the APR through the insurance companies usually though.
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This is a good idea, but if OP does not want to enter a credit agreement then this is pretty much the same thing. I have never had a problem getting a credit agreement approved but I have had problems getting a credit card so if I couldn't pay up front for any reason then I would have to pay monthly.
 
Are you taking about a Fixed Loan Sum Agreement by Premium Credit by any chance....where the credit box adds up to more than your monthly premiums!!

Because insurers etc. were burdened by high volumes of debt they now 'out source' the payment plans.

PM if you want some more details but its so they can enforce cancellation fees and charges for missing payments because they don't own the policy.

Just to add even a straight old fashioned DD payment accrued an interest charge
 
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Abit off topic here but I have horse insurance but I don't have a credit rating (only 22 and never had debt as always had a decent wage coming in so never needed anything) so will that go towards my credit score?
 
Have you checked that out? You'll likely have *something* as a rating. A friend your age was int that situation recently (without even the monthly payments) and their score is fine (and exists!). You can get a free report from Credit Expert or Experian (just cancel before the free month's trial's up). Apologies if I'm teaching you to suck eggs.

Credit ratings aren't just about debt in the way you infer - many people would never get anywhere otherwise! Your bank account conduct will normally feed into it, and don't forget pay monthly mobile or tablet contracts and so forth. Yes, having your insurance on monthly payments should contribute to your rating.
 
MissChaos said:
Have you checked that out? You'll likely have *something* as a rating. A friend your age was int that situation recently (without even the monthly payments) and their score is fine (and exists!). You can get a free report from Credit Expert or Experian (just cancel before the free month's trial's up). Apologies if I'm teaching you to suck eggs.

Credit ratings aren't just about debt in the way you infer - many people would never get anywhere otherwise! Your bank account conduct will normally feed into it, and don't forget pay monthly mobile or tablet contracts and so forth. Yes, having your insurance on monthly payments should contribute to your rating.
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Oh that's great then Thankyou :) I recently went for some car finance thinking if I did that then it would help my credit rating for when I get a mortgage but got declined and so rang up the finance company and they said the main reason is because I've never had a large loan I've not got a credit score hardly. :( so I just paid cash in the end. Hard work :(
 
Meandtheboys said:
Are you taking about a Fixed Loan Sum Agreement by Premium Credit by any chance....where the credit box adds up to more than your monthly premiums!!

Because insurers etc. were burdened by high volumes of debt they now 'out source' the payment plans.

PM if you want some more details but its so they can enforce cancellation fees and charges for missing payments because they don't own the policy.

Just to add even a straight old fashioned DD payment accrued an interest charge
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Yes I have had a huge amount of trouble with my car insurance company going through premium credit. They kept taking the money early meaning instead of 26 a month I would pay 56 due to a 30 charge. Even though it was there fault. I don't mind a small interest charge on a old fashioned direct debit but im not going down the premium credit route again. Just paid out for a new saddle etc and with moving yards having to get rubber matting and with xmas almost apon us I don't have the 300 spare. So it has to be monthly. Filled out all my details for kbis only to then find out its a credit agreement. Ahhh
 
Wow petplan are expensive 470 for the year. Hes a 5 year cob x who isn't backed yet!

And SEIB won't insure us as ive had him over 6 months without insuring him. He was turned away so didn't feel the need. Now hes being backed and will soon be out on the roads so thaught it best to start insurance.
 
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