Money Saving Expert has issued a warning
Tesco and other car insurance customers have been warned they're overpaying - and that they could save hundreds of pounds each year. A post on X from the official Money Saving Expert account reads: "Do you pay car insurance by monthly Direct Debit? Beware! It's actually a loan.
"Insurers add £100s interest on top – often more than typical credit cards, for example, Direct Line charges 23% APR, Aviva 16% and Tesco 21%. Here's what you can do". An accompanying link directs MSE followers to an article, which explains further: "A monthly payment plan for your insurance is essentially a high-interest loan, and can vary from under 20%, to over 40% APR.
Experts went on to say: "So pay in full, or if you can't afford it, use a credit card with a lower interest rate ." MSE said achoice has a whopping 48% APR for those who pay monthly, with Aviva's is at 16%, Tesco's at 21%, and RAC at 29%. The article adds that now "could be a great time to get the cheapest quote" adding this is "rarely achieved by staying put and auto-renewing with your existing insurer". MSE has a handy comparison tool that is free to use - and has proven success.
One fan got in touch to say: "Thank you. My daughter just passed her test. We liked how easy it was to tweak things and see the cost impact. She now has a year's insurance at under £60 a month, which is amazing, as well as a new life skill and the confidence that she'll be able to sort out her insurance next year with the tool."
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