Car written off, insurance refund?

Aneleh123

I had an accident which resulted in my insurance company writing off the vehicle.
I paid my insurance for the year in full in January 2010. The information I have from the company states that I am not entitled to any money back. If I had chosen to pay by monthly installments, the remaining balance would have been deducted from the final settlement.
I would have thought that I would be entitled to a refund as the car has gone and Im not sure if Im going to be getting a new one at the moment.
Does anyone have any advice?

huckster

The Insurers are correct that no refund is due. The policy is an annual contract and you have made a claim.

You can use the remaining portion of the policy to cover another car once purchased, but of course there may be an amendment to the premium. Talk to Insurers about suspending the cover until you purchase another car.

Aneleh123

Thanks Huxter, very much appreciated

dacouch

Here is the Ombudsman's information

17. outstanding premium instalments or premium refunds

Usually the policy is a yearly contract and the full premium is payable even if the vehicle is written-off during the year. If the policyholder paid the yearly premium up-front, no refund is due. If the policyholder was paying the yearly premium by monthly instalments, the outstanding instalments are still payable.

http://www.financial-ombudsman.org.uk/publications/technical_notes/motor-valuation.html#17

V-S-210

I'm in a similar situation: car written off and insurance compant only offering part of the value of the car. Should I still go ahead a requeat an addition 500 on top of what there offering becuase they are under valuing my vehicle at today's price? TIA

Quentin

V-S-210 wrote: »

I'm in a similar situation: car written off and insurance compant only offering part of the value of the car. Should I still go ahead a requeat an addition 500 on top of what there offering becuase they are under valuing my vehicle at today's price? TIA

Yes.

(Show them your proof of it's current value)

V-S-210

yeah I'll show them proof of it's current value from a reputable site, cheers!