Economic write off

emfaz

Hello,

I had my brother added as a named driver so he could get to work after the head gasket went on his.

To cut a long story short - I've learnt my lesson on being helpful - he " swerved to miss a cat at midnight" and the car has been declared a write off. This was three weeks ago and I'm waiting for the offer now....they don't rush.

Anyway my question is do I need to conitnue to pay my insurance premium (I pay monthly) now they have declared a write off and taen posession of the car?

Thanks

Emma

sturll

emfaz wrote: »

Hello,

I had my brother added as a named driver so he could get to work after the head gasket went on his.

To cut a long story short - I've learnt my lesson on being helpful - he " swerved to miss a cat at midnight" and the car has been declared a write off. This was three weeks ago and I'm waiting for the offer now....they don't rush.

Anyway my question is do I need to conitnue to pay my insurance premium (I pay monthly) now they have declared a write off and taen posession of the car?

Thanks

Emma

How big was the cat!

In answer to your question - no. You have no car - why continue to insure it?

Conor_3

Sturll, you're wrong. The OP needs to continue paying the monthly payments as it was a credit agreement. When paying monthly insurance, you basically take out a loan for the full amount (it'll be listed which credit company it's with) and it's this with the interest you pay on a monthly basis.

Emma, you need to contact your insurers regarding the monthly payments as companies have different policies. The last thing you want is your insurance cancelling before the payout and you ending up with nothing.

Just to add, your premiums will go up next year if you don't have protected NCB and the rise can be considerable so I'd be looking at your brother to meet the extra.

vaio

I would have said it depends on what your policy says but probably yes.

The way it normally works is….

You have a premium of £120, you enter into a credit agreement with a credit provider who pays the premium for you and you pay them monthly. So you need to keep paying.

Some policies end on a total loss claim in which case you’ll get nothing back, others carry on in which case you can cancel it and get a refund for the unused part.

Upshot is, read the policy

sturll

Conor wrote: »

Sturll, you're wrong. The OP needs to continue paying the monthly payments as it was a credit agreement. When paying monthly insurance, you basically take out a loan for the full amount (it'll be listed which credit company it's with) and it's this with the interest you pay on a monthly basis.

Emma, you need to contact your insurers regarding the monthly payments as companies have different policies. The last thing you want is your insurance cancelling before the payout and you ending up with nothing.

Just to add, your premiums will go up next year if you don't have protected NCB and the rise can be considerable so I'd be looking at your brother to meet the extra.

You're absoultely right. I - for some reason - thought the insurance was on a rolling payment month by month. Yes if you are paying monthly then you will have to continue paying.

albionrovers

Never ever swerve to miss a cat, or anything with legs on the road. It/they shouldn't be there, simple.

Kinda lessens the risk of hitting a pram on the pavement?

oldagetraveller

albionrovers wrote: »

Never ever swerve to miss a cat, or anything with legs on the road. It/they shouldn't be there, simple.

I sincerely hope I'm not crossing the road when you're around then!

albionrovers

Yip, but if it's you or the pram, and I never speed, then...........