Paying for your car insurance annually vs monthly
Get a quote nowIf you choose to pay annually you pay for the entire car insurance policy with one lump sum
Some insurance policies offer you the options to pay monthly or annually for your car insurance. If you choose to pay annually you pay for the entire car insurance policy with one lump sum and the monthly payment would be smaller amounts debited directly from your account or credit card monthly on the date you choose.
Discounted rate
If you choose to pay for your car insurance on a yearly basis, you will have to pay the entire amount upfront. Some insurance companies would offer you a discounted rate, this means it might work out cheaper to pay annually than monthly. Once you have paid the annual amount you do not need to worry about this payment for a whole year.
A loan with interest
Paying your insurer on a monthly premium means that you are basically paying a loan back with interest and this would work out more expensive than making monthly. Yet paying monthly can be more affordable for you as you might not have such a big lump sum to pay upfront for car insurance. But this form of payment would work out more expensive on a yearly basis as there will most likely be a price difference.
Accident and theft
When you are on a tight budget car insurance may seem expensive and difficult to afford but in the long run, it can save you a lot of money in the case of an accident or theft. We understand that the cost of car insurance can be daunting and it could be very beneficial for you to rather pay monthly that annually – it’s not always more affordable in the long run.
Most insurance companies would give you the option to pay the full amount upfront for the year or spread the amount out monthly for a year. Depending on your circumstances you could save a lot of money by opting for the annual once-off payment instead of the monthly instalments.
Multiple quotes
We recommend that you get multiple quotes from a range of car insurance providers and save on your car insurance premium today. Use CompareInsurance.ae to compare and save on your premiums. Compare quotes and be sure to have cover in the case of accidents, theft, fire or hail.
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