Episode Details

Millions of drivers and homeowners are paying an extra $150 a year on insurance — not because they’re doing anything wrong, but because insurers are charging steep interest rates up to 29.9% APR on monthly payments, turning insurance into a hidden loan. Despite regulators pushing for change and some companies offering interest-free options, 23 million policies still use these costly installment plans, with insurers even able to cancel coverage if payments slip. Consumer group Which? says progress is slow and urges regulators to act harder to protect consumers who can’t afford lump-sum bills.

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