Insurance by instalments -read the small print - fordprefect
My stepson's insurance renewal notice from a well known chain of brokers showed the rate of interest, if paid in 10 instalments as 65.30% per annum.

This is approaching the rates for Mafia loan-sharking operations (and the small print also helpfully points out "you have no right to cancel this agreement under the Consumer Credit Act 1974 " )

A quick internet search found him a lower premium and an instalment scheme with a reasonable interest charge but I wonder how many people are innumerate enough to sign up for finance at 65.30%?
Or does anyone know of a higher rate for any product?



Insurance by instalments -read the small print - Falkirk Bairn
A shop in the High Street that sells goods to anyone with "no credit checks"

A Flatscreen TV costing under £700 on the web was about £1000 in the shop window, an APR of approx 30% (which is not bad for no credit check credit) BUT there was an additional Service & Support charge of £5.25 /WEEK making a total of over £2300 over 3 years.

Service & Support for a TV costing over £800 - presumably the warranty would cover at least 2 years from Phillips the manufacturer!

It is a good job they do not sell cars
Insurance by instalments -read the small print - daveyjp
'Pay day' loan operations are often over 1000% APR.

When I used to pay by instalments I have chosen the cheapest 'per month' option which was often a higher annual premium.
Insurance by instalments -read the small print - doctorchris
Saga, if you are "lucky" enough to be 50 or over, and Virgin both provide interest-free instalment schemes for their insurance so not everyone is a shark.
Insurance by instalments -read the small print - qxman {p}
This type of thing seems to be getting more common. Of course there have been many companies charging usurious rates of interest - the now defunct 'Yes' car credit operation being one of them. Insurance companies are amongst the worst though. I recently bought a new mobile phone and 'declined' the offer of three months free insurance and thereafter £9.99 a month premium. Sure enough, today I discovered that the mobile phone company had passed my details to the phone insurance company and they had set up a Direct Debit without my permission! I cancelled it straight away. The premium was £5.99 a month with a £4 'administration charge'. I think the whole insurance industry could use someone shining a searchlight into its darker corners.
Insurance by instalments -read the small print - L'escargot
If it was me I would try to go without a car for a year, and save up the premium for the following year so I didn't need to pay in instalments. Once I'd got to this stage I would keep saving for each successive year.
Insurance by instalments -read the small print - movilogo
If you know your math, you can always calculate how much they are charging you.

We can't blame them just because national math skill has become appalling.

Insurance by instalments -read the small print - Mapmaker
This makes OP's example look dirt cheap: www.getmetopayday.co.uk/charges.aspx Only 22,694% APR. Yes, Twenty-two thousand percent.


Insurance by instalments -read the small print - drbe
Only 22 694% APR. Yes Twenty-two thousand
percent.


Well, at least they are "honest" about it!
Insurance by instalments -read the small print - Bill Payer
Well at least they are "honest" about it!

Because the law requires it.

Personally, I think APRs confuse things, and I'd much rather think in real money than in percentages. If you look at the example linked above, the loan is going to cost £50 - what could be clearer than that?