Monthly vs. pay-in-full calculator
Paying by the month usually costs more. Enter both options from your bill or quote to see how much more, and the plan's cost as an annual rate.
For the whole term
Premium part, without the fee
0 if none
Monthly plan vs. paid in full
Paid in full—
Monthly plan, total—
Extra for paying monthly—
As an APR—
—
Compare plans from other insurers
Averages can't price your car and your record. Tell us the basics of your policy and Guardbrook passes them to licensed insurance agents and insurers who can quote it; you decide whether to switch.
- 1 Your cars, drivers and current policy.
- 2 How agents can reach you, and your consent.
- 3 A licensed insurance agent or insurer contacts you with quotes. Your policy stays as it is until you decide to switch.
Guardbrook is not an insurance company or agency and doesn't sell, quote or bind policies. You pay Guardbrook nothing; the licensed insurance agents and insurers who contact you set their own prices and terms. How we make money.
How the calculator works
The extra cost is everything paid on the monthly plan (down payment plus each installment and its fee) minus the pay-in-full price. The APR treats the part of the premium not paid at signing as a loan repaid by the installments one month apart, finds the monthly rate that makes them equal, and multiplies it by 12, the way loan APRs are stated.
Example: a $1,200 six-month premium, or $200 down and five installments of $204 plus a $5 fee. The plan totals $1,245, $45 more, which is about 17.82% as an APR.
Reading the result
- An insurer's payment plan is not a loan; the APR only makes its cost comparable with a credit card or a personal loan.
- The calculator assumes the first installment is due one month after the down payment. Plans that bill on other dates give a slightly different rate.
- A result of $0 means the plan costs nothing extra: monthly is as cheap as paying in full.
More on the choice: paying in full vs. monthly.