Which? calls out ongoing “hefty” premium finance charges
Consumer champions Which? have branded premium finance rates currently being charged by many insurers as “difficult to justify”, especially with car insurance where it found a third of rates are above 25%.
Which? has repeatedly sounded the alarm on “eye-watering” motor and home insurance interest rates.
Last September it revealed the average annual percentage rate for motor insurance on monthly premium finance was 22% and 20% for home policies.
In its latest research across 71 insurers the average APRs were stuck at 22.84% for car insurance and 21.59% for home insurance.
In both lines the highest APRs charged topped 34%.
CreditThe experts acknowledged the average credit card rate is 35.42%, with the
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