Alert over insurance APR spike

BY VICKY SHAW

The consumer group asked 52 car insurers and 46 home insurers what rates of interest they charged customers to pay for cover monthly.
Which? said only three out of the 41 car insurers who disclosed their rates said they do not charge customers to pay monthly and 19 home insurance providers out of 38 who disclosed their rates said they do not charge.
The average APR across car insurers charging to pay monthly was 22.84 per cent and the average APR across home insurers was 21.59 per cent, according to the research.
Which? said some rates are close to or above 30 per cent and are comparable with credit card lenders.
It said that, as of late February, the average purchase APR for a credit card was 35.42 per cent, with many card providers charging less than this.
Which? said it believes the risk to insurers is much sm...

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Daily Record (Digital) - 1 Issue, March 19, 2025

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