Monthly Car Insurance APR Risks Revealed

Which? recently investigated monthly car insurance payments, revealing alarmingly high annual percentage rates (APRs) charged by certain insurers. Which? has revealed that some insurers charge monthly cover rates comparable to credit cards, with APRs up to 40%This practice has been criticized as a “tax on being poor” by watchdogs. Here are the key findings:

High APRs:

Challenges in Obtaining Information:

Insurer Practices:

Impact on Consumers:

Advocacy for Transparency:

This investigation highlights the need for greater transparency and consumer protection in the car insurance industry. You can read the full article on MSN.

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