Customers paying for their car insurance monthly could be paying around an extra £300 on average - compared to those who pay annually. Consumer champion Which? said those customers who can often least afford to pay “over the odds” may end up doing so.
Data shared with Which? by comparison website GoCompare in January indicated that, as of November 2022, nearly half (46%) of car insurance customers opted to pay in monthly instalments. In November 2019, the average difference was £217, according to the research.
However, by November 2022, the typical difference had increased to £302, according to Which? Monthly payers faced paying just under £757.60 typically compared to £455.49 for annual payers, PA reports.
