Submitted on Monday 5th November 2018
Published on Wednesday 14th November 2018
Current status: Closed
Closed: Tuesday 14th May 2019
Signatures: 33
Stop insurers charging interest on monthly payments for motor premiums.
When taking out a motor insurance policy, you either pay for their premiums annually or monthly. However, often, monthly premiums attract high interest rates, making insurance more expensive. This is penalising low income families who can't afford to pay annually.
The Road Traffic Act 1930 made it a legal requirement to hold a valid motor insurance policy if you drive a car on the public highway with at least third party cover. However, many on lower incomes, who rely on their car, have no choice but to pay monthly and therefore penalised with interest loaded on. The law should be changed so they cannot add interest.
Insurers say it costs to process monthly payments, but considering Direct Line Group, for example, made a £293.8m pre-tax profit in the first half of 2018 (https://www.directlinegroup.com/~/media/Files/D/Direct-Line-Group-V2/reports-and-presentations/h1-results-2018-annoucement.pdf), it's unfair.
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