Car insurance can be expensive, especially when you’re younger. The majority of insurance providers will provide two options for you to pay your policy.
You can either pay in monthly instalments or a lump sum.
Paying annually is usually cheaper and can reduce your premium but paying monthly may be better for some individuals. It all depends on your circumstances.
The Benefits of Monthly Car Insurance
You will pay more for your car insurance overall if you pay in monthly instalments. If you have a monthly budget and are a young driver, paying for your insurance policy in one lump sum could be challenging, and spreading out your cover in monthly payments may be a lot easier for you.
It will also be easier for you to pay for the next month once you have a budget.
The Benefits of Annual Car Insurance
Paying on an annual basis means you will pay a large sum upfront. On the other hand, it will be cheaper in the long term.
You avoid interest rates that are charged for monthly payments. If you are finically able to pay annually and won’t leave you short for money in other areas, you should choose this option.
Deciding to pay monthly or annually will depend on your circumstances. If you can’t pay a large sum upfront, there may be other ways to reduce your premium.
Paying Monthly
If you decide to pay monthly, then you can pay by direct debit. With Kennco Insurance, you must pay 30% of your premium as a deposit, and the remainder of the payments will be made over the next nine months.
Missing a Payment
If you miss a monthly payment or one fails, we give you seven days to pay over the phone, so there is no need to worry.
To renew your policy online, click here.
If you want to get a quote online, then visit our car insurance page.
