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Based on resolver’s experience to date, insurance companies offer you the option of paying for your insurance in monthly instalments rather than in one go to spread the cost for you. If you pay for your insurance like this be aware that the insurer is essentially loaning you the money to pay for the policy, so you pay the interest on that loan. Ideally, therefore, you should pay the entire cost up front. However, for many people this may put an intolerable strain upon their finances.

One way of making the cost of your insurance more manageable is to put the upfront annual cost on a purchase credit card that offers a generous initial interest-free period. But you will need to be disciplined enough to pay off the entire balance before the interest-free period ends. If you don't, you'll be hit by much higher interest payments than your insurer would have charged you.

If you are concerned about the interest rates which you are being charged for paying for your insurance monthly you should either seek other quotations and consider changing your insurance policy, or contact your insurer setting out your concerns as to the rate you are being asked to pay and seeking a reduction. This will be more effective if you can demonstrate that other insurers offer better rates, as it will demonstrate to your insurer that they will have to improve the value of their policy to retain you as a customer.

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You should know
  • If you’re making a complaint about making an insurance claim rather than a mis-sold policy, check your documents to see who the “underwriter” is. You’ll need to make a complaint to that organisation.

If you cannot resolve your issue you cannot raise your case to the Ombudsman until 8 weeks after you have first raised your complaint with your supplier, or you have received a ‘letter of deadlock’ from the company stating that they cannot resolve the issue as you have asked. Your complaint must also not be older than 9 months. For an accurate decision by the Ombudsman you should provide a detailed file of your communications and supporting documentation. In addition make sure you explain what you want as an outcome as this will help assess your case.

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