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motor insurance payments
swimmerpaul
Posts: 3 Newbie
in Motoring
:jshould i carry on paying my insurance premiums even though my car has been stolen.
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Comments
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You took out an annual premium, which was then financed so technically yes you should as you will be in breach of contract. Have they paid out for it?0
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thanks for that information. The car was stolen 4 weeks ago i thought it would be found by now. Its an old car and with a £150 excess i wont be getting much off of the insurance company (assure) i have just sent them all the documents and keys i would much rather have the old car back.best regards Paul.0
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Surely it would affect your credit rating if you stop paying them?0
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my thinking was that as the car has been stolen there is now no car to insure. regards paul.0
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swimmerpaul wrote: »my thinking was that as the car has been stolen there is now no car to insure. regards paul.
not really because you haven't actually paid all the insurance yet. If a premium is £120, say, then the fact that you're paying £10 per month doesn't mean you can stop paying after 6 months if your car is stolen - you still owe money to the insurance company as they have effectively extended you a loan if paying monthly rather than with a lump sum at the outset.
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Correct.aqueoushumour01 wrote: »not really because you haven't actually paid all the insurance yet. If a premium is £120, say, then the fact that you're paying £10 per month doesn't mean you can stop paying after 6 months if your car is stolen - you still owe money to the insurance company as they have effectively extended you a loan if paying monthly rather than with a lump sum at the outset.
Well explained. :beer:0
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